Elsewedy ties up with UAE’s Masdar to build wind power plant

Elsewedy Electric and the UAE-based Masdar, investing in and developing renewable energy and sustainable technology projects, have agreed to undertake a joint venture to produce electricity through wind energy on BOO (build, operate, own) basis, according to sources at the ministry of electricity.

Egypt’s renewable energy authority was scheduled to implement the project with the Emirati firm on partnership basis. There have been negotiations on the project since 2013, but the authority held that it is difficult to participate due to the project’s substantial financing, in addition to multiplication of procedures.

The sources told Al Mal newspaper that Elsewedy began negotiations with Masdar a few months ago, adding that renewable energy agency is expected to obtain 5% – 10% participation in the joint venture.

The project’s total capacity is 220 MW, and it will be implemented in Suez Gulf at a cost of EUR 300mn, the sources explained.

The sources stated that there are current negotiations on the price per kilowatt-hour, which will be less than 4 cents/ KW, adding that generated power will be purchased for 20 years.  Source: Arab Finance