Egyptian Electricity Minister Mohamed Shaker announced on Saturday that on 2020 a new 250 MW wind farm will be open in the Gulf of Suez, which will be tendered on a BOO (Build–Own–Operate) scheme by an Egyptian-Japanese consortium.
Speaking to Al-Masry Al-Youm, Shaker stated that an agreement was reached with the Japanese Bank for International Cooperation (JBIC) to finance the wind farm construction.
Egypt strives to meet its target of generating 20% of its electricity from renewable sources by 2020.
The minister said that work is going well with renewable energy projects to implement this target, in order to stimulate economic growth and attract foreign investment to build the largest power plants from wind and solar power, providing thousands of jobs.
The wind farm will be located in Ras Gharib on the Gulf of Suez. Total investment cost of the project amounts to approximately $400 million.
The project will provide opportunities for local employment and increase socio-economic activity in the surrounding area, while helping diversify the energy mix and provide more competitively priced power in the country.
Migrating birds will also be protected through the development of a “shut down on demand” programme.
Edited translation from Al-Masry Al-Youm.