Vestas may soon ink EUR-2bn deal in Egypt - report

Danish wind turbine maker Vestas Wind Systems A/S (CPH:VWS) expects to soon seal its long-discussed cooperation deal with the Egyptian government worth up to EUR 2 billion (USD 2.3bn).

The Danish ministry of energy, utilities and climate said so on Monday as cited by Reuters, adding that the potential agreement could result in orders for up to 2.2 GW of wind turbines.

The signing could occur shortly after or even during Danish energy minister Lars Lilleholt’s current visit to Egypt, Vestas' chief press officer, Michael Zarin, told the news agency. According to him, there will be multiple orders under the alliance rather than just one.

Media reports from earlier this year said that Vestas was also planning a wind turbine blade maintenance plant in the country.

In April the Danish company confirmed it was “in early stage discussions with the Egyptian authorities on a Memorandum of Understanding [MOU] that could lead to closer collaboration in the future.”

(EUR 1.0 = USD 1.132)

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