The Government of Egypt has signed an agreement with Vestas and other European partners to develop a 250MW wind project located in the Gulf of Suez.
The project’s investment cost will total €228m, to be financed through an umbrella agreement between the Arab Republic of Egypt, the French Development Agency, the EU, the European Investment Bank and the German Construction Bank.
Mohamed Shaker, Minister of Electricity and Renewable Energy, witnessed the signing of the contract for the project, between the New and Renewable Energy Development and Use Authority and the Vestas Alliance, in the presence of Svend Olling, Ambassador of Denmark to Egypt, plus representatives from the European partners and investors.
The wind farm will be built on land allocated to the New and Renewable Energy Development and Use Authority on the western coast of the Gulf of Suez in the Red Sea Governorate, which benefits from high wind speeds.
The wind farm will be built within 35 months and will create around 4000 temporary job opportunities during the construction phase and around a hundred permanent job opportunities throughout the lifetime of the wind farm.