almal > RightWingAd
almal > LeftWingAd

Government to build 500MW wind power plant in Ras Ghareb

Wednesday 25 July 2018 02:37 PM

 Wind farm
Wind farm

Al Mal:
A consortium comprising French utility Engie, Egyptian company Orascom Construction, and Japanese firms Toyota Tsusho and Eurus Energy has signed an agreement to develop a new 500MW project, according to Wind Power Monthly.
The agreement was signed with the Egyptian Electricity Transmission Company (EETC) as the off-aker and the New & Renewable Energy Authority (NREA) as the landowner.

It is destined to be Egypt's largest wind site when completed.

The project will be developed on a build-own-operate (BOO) basis. It is located near Ras Ghareb in the Red Sea governate, near the consortium's 262.5MW site currently under construction.

According to the NREA, the consortium will receive a tariff of $31.7/MWh for the new project, 17% less than the $38.2/MWh agreed for the earlier plant.

The lower tariff is explained by the size of the project and to provide "a benchmark" for future licences, NREA said.

All being well, the consortium expects to reach financial close and be ready to start construction by the end of 2019.