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Thursday, 15 February 2018

Gov’t expected to sign off on USD 900 mn Elsewedy-Marubeni-Masdar wind farm project this month

Gov’t expected to sign off on USD 900 mn Elsewedy-Marubeni-Masdar wind farm project this month: The Ismail government hopes to sign off on the USD 900 mn development of two wind farm projects planned with the Elsewedy Electric-Marubeni-Masdar consortium, government sources tell Al Borsa. The New and Renewable Energy Authority (NREA) will grant the consortium land for the projects, which have a combined capacity of 700 MW, as soon as the Ismail Cabinet signs off on the contracts, the sources said. They added that the consortium is in talks over the locations of the project, initially planned for Ras Ghareb and the Gulf of Suez, with the West Nile area being a possible a candidate. Elsewedy Electric had said that the final price tag on it has not been set yet. Official sources, however, are saying that the government will not budge from a feed-in-tariff rate of USD 0.038 per KW.

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