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Thursday, 17 November 2016

NREA to sign funding agreements for first phase of Siemens wind farm project

The New and Renewable Energy Authority (NREA) will sign a funding agreement with local and international banks within two weeks’ time to finance the first phase of the EUR 2 bn Siemens 2 GW wind farm. Unnamed Electricity Ministry officials tell Al Borsa that after holding extensive meetings with the IFC, EBRD, African Development Bank, KFW, Deutsche Bank, Bank Ouda, NBD, and the NBE, the ministry expects to receive EUR 180 mn as a first installment based on preliminary agreements reached back in July. Electricity Minister Mohamed Shaker also tells the newspaper that Siemens will begin construction on a blade and wind turbine factory in within the coming two months.

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