Cairo – Mubasher: A three-company consortium on Thursday has signed a preliminary agreement to merge and develop two wind energy projects in Egypt.

The energy consortium comprises Egypt’s Elsewedy Electric, Japan’s Marubeni Corporation, and the UAE’s Abu Dhabi Future Energy Company (Masdar).  

The first project includes the construction of a 500 megawatts (MWs) wind power plant in  the Gulf of Suze by Elsewedy Electric and Marubeni, according to a filing to the Egyptian Exchange (EGX).

The second project will be executed by Masdar and comprises a 200 MWs wind power plant in Ras Gharib, the Red Sea Governorate, Elsewedy Electric revealed.

What was signed is a preliminary agreement under which the parties will negotiate required contracts with competent authorities and financing entities in Egypt, the EGX-listed company concluded.

The companies did not disclose the project's value.