Egypt, Vestas-led intl group agree to build 250-MW wind farm

The signing ceremony for the 250-MW wind project in the Gulf of Suez. Image by NREA (www.nrea.gov.eg)

August 20 (Renewables Now) - Egypt’s New and Renewable Energy Authority (NREA) and an Italian-French-Chilean alliance led by Danish turbine maker Vestas Wind Systems A/S (CPH:VWS) have signed an agreement to realise a 250-MW wind project in the Gulf of Suez.

Involving an investment of around EUR 228 million (USD 270.2m), the project will be financed through an umbrella agreement between the Egyptian government and a several European entities, including the EU, the European Investment Bank (EIB) and German and French development banks, according to a statement by NREA.

The project site is located on the west coast of the Gulf of Suez in the Red Sea Governorate. Egypt expects to build and connect the wind farm within 35 months.

Once in operation, the new facility will generate an estimated 840 GWh per year and help save around 175,000 tonnes of oil equivalent annually.

(EUR 1.0 = USD 1.185)

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Sladjana has significant experience as a Spain-focused business news reporter and is now diving deeper into the global renewable energy industry. She is the person to seek if you need information about Latin American renewables and the Spanish market.

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