FINANCIAL NEWS

Egypt’s NREA plans to invest USD 194.3mn for Siemens power

25 Jan 2016

(MENAFN) The New and Renewable Energy Authority (NREA) intends to complete discussions with 10 regional and global financial institutions to offer USD 194.3mn in constructing wind fields.

Additionally, the project to be implemented by the German Co. Siemens and will add a capability factor of 2000megawatts (MW) of wind energy by 2022.

Accordingly, NREA aims to secure USD 194.3mn for the first phase of the project in the coming days, which is estimated to cost USD 2.15bn and will add a capacity factor of 180MW.

The NREA intends to obtain financing for 60 percent of whole project costs from global financing institutions, whereas the remaining 30 percent will be offered by local banks.

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