Wind Farm
The project involves an investment of approximately $600 million.
The turbines that will be installed in the farm will be the highest in the Suez Gulf.
The government and Actis commenced discussions on the sale following an announcement by Minister of Planning and Economic Development Hala El Said last month
The agreement was signed by representatives of the Red Sea Wind Energy Company and financing entities, the Japan Cooperation Bank and the European Bank for Reconstruction and Development (EBRD).
The financing is pending approval and would consist of a $75 million loan and interest rate swaps worth around $8 million, according to the IFC.
Minister of Electricity and Renewable Energy Mohamed Shaker stated Tuesday that the draft agreement has been finished.
The German Company Siemens for Renewable Energy has announced the beginning of the operation of the wind farm in West Bakr area in Ras Ghareb in the Gulf of Suez with a capacity of 250 megawatts.
Prime Minister Moustafa Madbouli attended the signing ceremony of two agreements on establishing a 500MW wind farm in the Gulf of Suez area.
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.
The signing ceremony was attended by Minister of Electricity and Energy Mohamed Shaker and UAE ambassador in Cairo Gomaa Mubarak.
The source added that the Cabinet agreed to contract with Siemens Germany to implement those projects under the BOO system.
Chief Executive Officer at Lekela Power, Chris Antonopoulos said that the agreement is a major milestone for delivering a 250MW wind farm to help achieve that goal.
The inking ceremony was attended by Minister of Electricity Mohamed Shaker and Investment Minister Sahar Nasr along with British Ambassador in Cairo Geoffrey Adams.
A wrap-up of the most prominent business news of the day.
Parliament approves 6 development projects in areas of power, sanitation, and culture.
