INVESTMENT WATCH- Egypt, Vestas ink EGP 4.3 bn Gulf of Suez wind power plant agreement: The New and Renewable Energy Authority (NREA) signed yesterday a EGP 4.3 bn agreement with a consortium led by Denmark’s Vestas to construct a 250 MW wind farm in the Gulf of Suez, according to a cabinet statement. The consortium also includes unnamed Italian, French, and Chilean companies. The plant, which is expected to take 35 months to complete, will have an annual energy output of 840 GW once fully operational. The project will be jointly financed by the French Development Agency, the EU, the European Investment Bank, and the German Development Bank.

The NREA had awarded Vestas the tender earlier this year after both Siemens Gamesa and Germany’s Senvion retracted their bids late in 2019.

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