Egyptian tycoon Ahmed El-Sewedy’s electric firm to build Hungary’s largest power plant in decades

Key Points

• Elsewedy Electric secures a contract for Hungary’s largest hydrogen-ready power plant, reinforcing its European energy infrastructure presence.
• The partnership with MVM and local firms marks Elsewedy Electric’s biggest expansion into Europe’s power sector, supporting Hungary’s energy transition.
• Elsewedy Electric is scaling operations, launching a telecom cables factory in Egypt and securing a Greek battery energy storage project.

Elsewedy Electric, the multinational cable and electrical equipment manufacturer led by Egyptian businessman Ahmed El-Sewedy, has secured a major engineering, procurement, and construction (EPC) contract for Hungary’s largest combined cycle power plant (CCPP) in decades. The deal marks a significant step in the company’s expansion into Europe, reinforcing its presence in the global energy infrastructure market.

Expanding Europe’s energy capacity

Awarded by MVM Matra Energia Zrt., a subsidiary of Hungary’s state-owned MVM Group, the contract places Elsewedy Electric at the heart of Hungary’s energy transition. The project, scheduled for completion by 2028, will be the country’s first hydrogen-ready power plant, capable of integrating up to 30 percent hydrogen into its fuel mix—an important step toward cleaner energy solutions.

Elsewedy Electric is developing the facility in partnership with Status KPRIA Zrt. and West Hungária Bau Kft. (WHB), leveraging its expertise in large-scale power projects and sustainable infrastructure. The agreement was formalized in the presence of Hungary’s Energy Minister, Egypt’s Ambassador to Hungary, and Elsewedy Electric President and CEO Ahmed El-Sewedy, highlighting the project’s economic and geopolitical significance.

“This partnership reflects our long-term vision to deliver sustainable and innovative energy solutions worldwide,” said El-Sewedy. Wael Hamdy, Elsewedy Electric’s Group SVP & E&C CEO, added that the company’s experience in handling complex, high-efficiency infrastructure projects positions it well to support Hungary’s energy goals.

Founded in 1938, Elsewedy Electric has built a strong presence in the Middle East and North Africa, becoming a leader in electrical manufacturing. The El-Sewedy family owns 68.1 percent of the company, with Ahmed El-Sewedy holding a 25.52 percent stake—an investment valued at nearly $900 million, underscoring his deep commitment to the company’s long-term growth.

The Hungary project is Elsewedy Electric’s most significant move into the European power sector. By working with MVM and local firms, the company is not only expanding its European footprint, but also reinforcing its commitment to sustainability and energy transition. The plant will enhance Hungary’s electricity capacity while setting the stage for further growth across the continent.

Elsewedy Electric has been actively expanding its global operations. Earlier this year, the company launched a telecom cables factory in Egypt’s 10th of Ramadan City, with half of its fiber optic and copper cable production intended for export—bolstering Egypt’s position as a regional manufacturing hub. It also secured financial close on Greece’s first large-scale battery energy storage project, marking another step into Europe’s renewable energy sector.