March 21 (Renewables Now) - Elsewedy Electric Co (CAI:SWDY) and Marubeni Corp (TYO:8002) last week signed a memorandum of understanding (MoU) with the Egyptian Electricity Transmission Company (EETC) for an up to 500-MW wind project.
The companies are working in a consortium to build the wind power complex at Gabal Elzeit on the Red Sea coast. The MoU gives them access to the site, so that they can complete all needed studies and prepare their firm project proposal, Egypt-based cable maker Elsewedy said in a statement on Thursday.
The project, to be realised under the build, own, operate (BOO) model, will have two phases of 250 MW each. Commercial operation will be achieved in stages starting from mid-2020.
Elsewedy has wind project experience and it has already done some studies for the project site. It noted that Marubeni has experience in the development and operation of power assets across various technologies and access to Japanese finance.
Several weeks ago a consortium of Marubeni and China's JinkoSolar Holding (NYSE:JKS) signed a power purchase agreement (PPA) for the 1,177-MW Sweihan solar project in Abu Dhabi.
According to the Global Wind Energy Council (GWEC), Egypt had 810 MW of wind power capacity at the end of 2016.