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Egypt seals $500m deal with Emirati firm for wind power plant

Egypt seals $500m deal with Emirati firm for wind power plant
The plant’s capacity will reach 500MW

Cairo – Mubasher: The New and Renewable Energy Authority on Thursday signed a concession agreement with the UAE’s Al Nowais Investments for the construction of wind power plant with total investments of $500 million (EGP 8 billion).

Under the agreement, the plan will be built under a build-own-operate (BOO) partnership, according to a statement.

Situated on 70 square kilometres in the west coast of Suez Gulf, the plant’s capacity is planned to reach 500 megawatts.

Egypt will pay 3.1 cents per kilowatt for the power produced by the plant under an agreement signed with Al Nowais in December 2019.