Correction

CORRECTION- The New and Renewable Energy Authority reached out to us to correct a few details that Al Mal got wrong last weekwhen it reported that a consortium made-up of Elsewedy Electric and UAE’s Masdar reached an agreement with the Electricity Ministry to build a wind farm in the Gulf of Suez. First, Elsewedy isn’t new to the project, having joined Masdar and NREA (who were taking it on 50/50) as a partner in 2017. The project, in which NREA currently holds a 23% stake, is also expected to cost EUR 200 mn and not EUR 300 mn as the newspaper said, and will produce 200 MW of power and not 220 MW. NREA also told us that the reason that work on the wind farm has stalled is a delay in setting the feed-in tariff for the power purchase agreement with the Electricity Transmission Company. The story has been deleted from our website.