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Wednesday, 24 August 2016

Danish wind turbine manufacturer closing in on a USD 2.3 bn agreement in Egypt

Danish wind turbine manufacturer Vestas is expects to sign a USD 2.3 bn agreement with Egypt that could lead to as much as 2.2 GW of orders, according to reports for Reuters and Copenhagen Post. “Vestas is continuing discussions with the authorities and we expect … to sign the cooperation agreement some time shortly after the [22-23 August] trip," Vestas’ Chief Press Officer, Michael Zarin told Reuters. Denmark’s Energy Minister Lars Christian Lilleholt arrived in Egypt to lobby for the agreement, saying “as minister, I can help to open doors and give a boost to Danish businesses, so we can strengthen exports, boost growth and create Danish workplaces.” Lilleholt says the 2.2 GW in orders could come through multiple orders, but did not elaborate further. As we noted at the time, Vestas first said it was signing an MoU with the Egyptian government for the project in May 2016 and was waiting for land allocation. The company erected its first turbine in Egypt in 1995 and currently provides turbines for 10% of Egypt’s wind power.

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