- Egypt’s Prime Minister, Mr Moustafa Madbouli, this week signed off on the developemnt of a 500MW wind farm in the Gulf of Suez area.
The deal was signed late on Wednesday by the Electricity Ministry and a consortium comprising Orascom, France’s Engie and Japan’s Toyota Tsusho Corporation in the presence of Electricity Minister Mohamed Shaker, Japanese Ambassador to Egypt Masaki Noke and France’s deputy ambassador to Egypt.
The project is in line with the country’s strategy to produce 42% of electricity from renewable sources by 2035. The Egyptian Electricity Transmission Company (EETC) will buy the electricity produced from the project.
The total investment cost of the project is estimated at 600 million dollars and it is expected to become operational in 2024. The project is expected to provide 1,100 direct jobs in addition to many other indirect jobs related to supplies and services.
Author: Bryan Groenendaal