Elsewedy clarifies it is still in talks with NREA over Gulf of Suez wind farm

Elsewedy Electric issued a clarification to the bourse yesterday explaining that it was still in talks with the New and Renewable Energy Authority over a wind farm project in the Gulf of Suez. The statement, which was issued in response to a query from the bourse, comes after sources claimed just a day before that the company, and its Japanese partner Marubeni Corporation, had reached a preliminary funding agreement for the 500 MW, EUR 500 mn project. CEO Ahmed Elsewedy had said last week that his company was in talks with the government to acquire land to build six wind-powered stations under an IPP framework.