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Sunday, 21 October 2018

Electricity Ministry, Elsewedy to cancel four-year-old wind contract

The Electricity Ministry and Elsewedy Electricity agreed to cancel a four-year-old contract to build six wind power plants producing 600 MW and sell power to consumers under an Independent Power Producer (IPP) framework, Elsewedy said in a bourse statement (pdf). The company had won a 2012 tender to develop the plants, signing the contracts for them in 2014. Due to changes to the government’s renewable energy policies, frameworks and the new projects having been tendered since the signing, both sides agreed to end the contract. The EGX statement was prompted by an article in Al Mal, which portrays the cancellation as a result of delays by the company in implementing the project.

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