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Toyota-Orascom-GDF Alliance to Complete Gulf of Suez Wind Farm by October

Power News - Published on Fri, 19 Jul 2019

Image Source: Daily News Egypt
MENAFN - Daily News Egypt reported that Toyota, Orascom, and GD France alliance is due to complete the Gulf of Suez wind farm in October with a total investment of EUR 250 million. New and Renewable Energy Authority Executive Chairperson, Mr Mohamed El-Khayat, told Daily News Egypt that about 85% of the project was completed and that the trial operation is due to begin in November. The commercial operation is to start before the end of this year.

The Egyptian Electricity Transmission Company buys energy from the Gulf of Suez wind power at about 3.8 piasters per kW/h.

The Ministry of Electricity and Renewable Energy seeks to produce 20% of Egypt's energy from new and renewable resources by 2020 as part of the ministry's plan to diversify sources of energy production and achieve sustainable development in the sector.

Mr El-Khayat confirmed that the NREA has succeeded in attracting foreign investment of about USD 2 billion to implement 1,465MW solar plants, which are financed by international organisations, such as the International Finance Corporation with funds worth USD 653 million, and the European Bank for Reconstruction and Development (USD 500 million).

The IFC is leading a consortium of nine international banks that are investing for the first time in renewable energy in Egypt. The bank alliance includes the African Development Bank, the Asian Infrastructure Investment Bank, and the CDC Foundation, among others.

El-Khayat pointed out that Egypt is manufacturing locally some components of renewable energy industry. Some companies assemble solar panels, while the Ministry of Military Production plans to manufacture solar panels. A number of companies assemble and manufacture solar heaters. He explained that there are attempts to manufacture some parts of wind turbines, such as towers, in addition to manufacturing cables and transformers for all renewable energy systems.

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Posted By : Ratan Singh on Fri, 19 Jul 2019
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