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FINANCIAL NEWS
Egypt, Masdar to set up wind farm on Red Sea coast
18 Feb 2010
(MENAFN) Egypt announced that it will sign a deal with Abu Dhabi’s Masdar to build a 200 megawatt wind farm, in line with plans to generate 20 percent of the country’s energy needs from renewable sources by 2020, Reuters reported.
Egypt has been developing wind power along its eastern Red Sea coast, and it already has wind farms at Zafarana and Hurghada in the area with installed capacity of 430 megawatts of wind energy, said Aktham Aboul Ela, a senior official at the Electricity and Energy Ministry.
He added that the deal will be soon signed to establish the first joint Emirati and Egyptian venture.
Egypt aims to generate 12 percent of its power from wind farms out of a total of 20 percent from renewable sources by 2020. The country is seeking to attract $110 billion in investments in its energy sector by 2027.
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