NREA inks €228 mln deal for wind farm in Gulf of Suez

CAIRO - 19 August 2020: An agreement has been signed to establish a wind power park with a capacity of 250 megawatt in the Gulf of Suez, Minister of Electricity and Renewable Energy Mohamed Shaker said Tuesday.

The project, envisioned to be one of the largest wind farms in Egypt, will be carried out at an investment cost of €228 million, Shaker noted during the inking ceremony.

It will be financed under the Umbrella Agreement for the Gulf of Suez Windfarm signed with European Development Partners, including the EU, the French Development Agency, the European Investment Bank and Germany's KfW Development Bank, the minister added.

The New and Renewable Energy Authority (NREA) signed the deal with Vestas wind energy company, which is specialized in sustainable energy solutions.