Egypt has announced plans to build a 500 MW wind farm in the Gulf of Suez region.
The Ministry of Electricity and Renewable Energy signed an MoU with an international consortium to build the US$600 million project, which is expected to achieve CO2 savings of 1 million tons per annum, as reported by Ahram Online.
This public-private partnership forms part of Egypt’s strategy to increase the country’s electricity-generation capacity from renewables to 42% by 2035, and approximately 1 100 direct jobs will be created during development.
The consortium comprises Egypt’s Orascom Construction, France’s Engie and Japan’s Toyota Tsusho Corporation. Construction of the wind farm will be conducted by Orascom, which will have a 25% stake in the project and operate it for 20 years.
The project is subject to financial close, and commercial operation is expected to begin in 2024.
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