Egypt’s New and Renewable Energy Authority (NREA) has signed a major contract with an Italian-French-Chilean consortium led by Danish turbine maker Vestas Wind Systems to build a 250-megawatt wind power plant in the Gulf of Suez.

 

Involving an investment of around €228 million ($270.2 million), the project will be financed through an umbrella agreement between the Egyptian government and several European entities, including the EU, the European Investment Bank (EIB) and German and French development banks, according to a statement by NREA.

 

The project site is located on the west coast of the Gulf of Suez in the Red Sea Governorate. 

 

The NREA had awarded Vestas the tender earlier this year after both Siemens Gamesa and Germany’s Senvion retracted their bids late in 2019.

 

The wind power plant is scheduled to be completed and brought to operation within 35 months, said the statement.

 

Once in operation, the new facility will generate an estimated 840 gigawatts per hour, which would save about 175,000 tonnes of oil equivalent, it added.-TradeArabia News Service