Back to the complete issue
Wednesday, 19 August 2020

Egypt signs EGP 4.3 bn Gulf of Suez wind power plant agreement with Vestas

INVESTMENT WATCH- Egypt, Vestas ink EGP 4.3 bn Gulf of Suez wind power plant agreement: The New and Renewable Energy Authority (NREA) signed yesterday a EGP 4.3 bn agreement with a consortium led by Denmark’s Vestas to construct a 250 MW wind farm in the Gulf of Suez, according to a cabinet statement. The consortium also includes unnamed Italian, French, and Chilean companies. The plant, which is expected to take 35 months to complete, will have an annual energy output of 840 GW once fully operational. The project will be jointly financed by the French Development Agency, the EU, the European Investment Bank, and the German Development Bank.

The NREA had awarded Vestas the tender earlier this year after both Siemens Gamesa and Germany’s Senvion retracted their bids late in 2019.

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.