Egyptian Energy Giant Launches Hungary’s Largest Combined-Cycle Gas Turbine Power Plant

Egypt’s Ambassador to Hungary Ahmed Fahmy attended the groundbreaking ceremony where energy and infrastructure giant Elsewedy Electric officially launched its largest European project to date, the Mátra Combined-Cycle Gas Turbine Power Plant in Visonta, Hungary.

Once completed in 2028, the 520-megawatt facility will stand as Hungary’s largest combined-cycle plant in decades and the country’s first designed to operate with up to 30% hydrogen in its fuel mix.

The plant is expected to dramatically strengthen Hungary’s energy security while supporting its transition away from coal. According to project plans, the station’s carbon dioxide emissions will be just one-quarter of those produced by traditional coal-fired plants.

The project is being executed by a powerful consortium that includes Status Kft., a company within Hungary’s Mészáros Group, West Hungária Bau, and Elsewedy Electric PSP, the contracting arm of the Egyptian conglomerate. 

The alliance combines global expertise with Hungarian capacity and advanced technology to deliver what stakeholders describe as a “next-generation power station.”

Hungary’s Minister of Energy Csaba Lantos hailed the project as “a cornerstone in Hungary’s energy transition and a major boost for supply security.”

At the ceremony, Ahmed Elsewedy, President and CEO of Elsewedy Electric emphasized the company’s broader vision:

“Our presence in Hungary is not just about building a power plant, it is a commitment to enabling the global transition toward sustainable energy.”

Executives from Hungary’s state-owned energy company MVM Group echoed this sentiment. CEO Károly Mátrai  noted that the project represents “a new phase where sustainability, technology, and security of supply converge.”

This marks Elsewedy Electric’s first major EPC (Engineering, Procurement, and Construction) project in Europe, underlining the firm’s ambitions to expand far beyond its traditional markets in Africa, the Middle East, and Asia.

Wael Hamdy, Executive Vice President of Elsewedy Electric, described the plant as “a flagship project that merges cutting-edge hydrogen readiness with the company’s global project delivery expertise.”

Meanwhile, Hisham Hegazy, CEO of Elsewedy PSP, called it “a model of partnership and innovation that will serve as a benchmark for clean energy projects in Europe.”