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FINANCIAL NEWS
Egypt to launch tender for windfarm project
28 Jun 2010
(MENAFN) Egyptian Electricity and Energy Minister Hassan Younes said in a statement that the government will launch a tender competition to choose firms to build a 1,000 mega-watt wind farm in the Gulf of Suez, Reuters reported.
The power plant will be constructed on a build-own-operate (BOO) basis, the minister said, without providing further details.
Egypt’s El Sewedy Cables, the largest Arab cable maker by market value, said in March it was looking to supply wind energy projects in Egypt, the Middle East and African markets to tap growing demand and suitable climates.
Egypt has been developing windpower along its eastern Red Sea coast with wind farms at Zafarana and Hurghada and an installed capacity so far of 500 megawatts but it expects to see its wind power capacity reach 7,200 megawatts by 2020.
Egypt also aims to generate 12 percent of its power from wind farms out of a total of 20 percent from renewable sources by 2020 and is seeking to attract $110 billion in investments in its energy sector by 2027.
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