El Sewedy Electric, Marubeni reach preliminary funding agreement for 500 MW wind power plant

El Sewedy Electric and Japan’s Marubeni Corporation have reached a preliminary agreement with Japanese financial institutions to fund their EUR 500 mn, 500 MW wind power plant, sources from El Sewedy tell Al Borsa. However, the companies will formally enter funding negotiations once they are allocated land for the project. The consortium is currently in talks with the New and Renewable Energy Authority to decide on the location of the plant, which will be developed over two phases. It remains unclear when the two sides expect to reach a decision. El Sewedy and Marubeni had signed an MoU for the project with the Egyptian Electricity Transmission Company back in March.