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Thursday, 5 May 2016

Finance Ministry approves EUR 200 mn guarantee for Siemens wind farm

The Finance Ministry has approved a EUR 200 mn guarantee for Siemens’ 180 MW wind farm in the Gulf of Suez through the New and Renewable Energy Authority (NREA), a source from the Power Ministry tells Al Mal. On a related note, NREA head Mohamed El Sobky said the ministry is awaiting CBE approval on a EUR 180 mn facility from 11 banks and international finance institutions to fund wind farm projects. These include NBE, CIB, HSBC, the European Bank for Reconstruction and Development, and the African Development Bank. (Read in Arabic)

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