Gulf of Suez

EGYPT GOVT. ANNOUNCED WIND FARM PROJECT WORTH US$680M

Posted on by Gambeta News
EGYPT GOVT. ANNOUNCED WIND FARM PROJECT WORTH US$680M

The Egyptian Cabinet announced that the Red Sea Wind Energy Consortium signed a financial closing agreement worth $680 million for a project to establish a wind farm in the Gulf of Suez with a capacity of 500 megawatts. The cabinet added in a statement that the agreement was signed by representatives of the Red Sea Wind Energy Company and financing entities, the Japan Cooperation Bank, and the European Bank for Reconstruction and Development (EBRD). The…

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ORASCOM, TOYOTA AND ENGIE PARTNERS TO BUILD THE GULF OF SUEZ WIND FARM IN EGYPT.

Posted on by Gambeta News
ORASCOM, TOYOTA AND ENGIE PARTNERS TO BUILD THE GULF OF SUEZ WIND FARM IN EGYPT.

The US$2.2bn Gulf of Suez wind farm will be completed in October. Egypt is one of the African countries that acknowledges that the benefits of renewable energy out weighs that of the convention source of power generation. As a country, they are working towards making 20% of their power generation (which is presently at 10.5%) be from clean renewable energy sources by 2020. Considering their soon to come world’s largest solar park. The wind farm…

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