{"id":657758,"date":"2024-12-25T00:00:00","date_gmt":"2024-12-25T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/alcazar-to-build-usd-2-5-bn-hybrid-renewables-project-in-zafarana\/"},"modified":"2024-12-25T00:00:00","modified_gmt":"2024-12-25T00:00:00","slug":"alcazar-to-build-usd-2-5-bn-hybrid-renewables-project-in-zafarana","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/25\/alcazar-to-build-usd-2-5-bn-hybrid-renewables-project-in-zafarana\/","title":{"rendered":"Alcazar to build USD 2.5 bn hybrid renewables project in Zafarana"},"content":{"rendered":"

Good afternoon folks, and Merry Christmas to all those celebrating. <\/strong>The news cycle isn\u2019t slowing down for Christmas, it seems, with today\u2019s issue chock-full of fresh details on the government\u2019s plans for the Zafarana wind farm, a mysterious jet crash, and Google\u2019s continued search dominance.<\/p>\n

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THE BIG STORY TODAY<\/p>\n

A 3.1 GW hybrid renewables station is coming to Zafarana:<\/strong> The UAE\u2019s Alcazar Energy and the Madbouly government have reportedly agreed to set up a hybrid renewable energy project in Zafarana with some USD 2.5 bn worth of investments, two anonymous sources tell Asharq Business<\/a>. The new agreement is a reformulation and activation of an MoU between Alcazar and the government signed last month<\/a> to establish a 2 GW onshore wind farm, a government source told EnterpriseAM. <\/p>\n

The details:<\/strong> The project is expected to produce 2 GW of solar energy and 1.1 GW of wind energy for a total of 3.1 GW of renewable energy, with the station set to be built under a build-own-operate system, one source told Asharq Business. The government will receive 2% of the project\u2019s total energy production in exchange for granting Alcazar usufruct rights, with the Egyptian Electricity Transmission Company to purchase the rest of the station\u2019s output at USD 0.02 per KW\/h for the solar power and USD 0.03 per KW\/h for the wind power throughout the duration of the project. Alcazar will wrap up project studies and financials before the end of 2025, with work on the site set to begin early 2026, the other source told the news outlet.<\/p>\n

The agreement offers more insight into the government\u2019s plans for Zafarana: <\/strong>The government has shifted its stance on the delayed<\/a> Zafarana wind farm offering, which has been sitting on the privatization shortlist<\/a> since 2023, our source said. The state now wants to offer land in the area to investors looking to pour investments into wind and solar energy projects, with the government getting a cut of the renewable energy yield plus an appropriate price on the energy it buys from investors in return. Additionally, Zafarana\u2019s out-of-service facilities will get an overhaul to gear them up for more investment offerings in the coming period, the source told us.<\/p>\n

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THE BIG STORY ABROAD<\/p>\n

At least thirty killed in Russia-bound plane\u2019s crash:<\/strong> A passenger plane en route from Azerbaijan\u2019s capital Baku to the Russian city of Grozny crashed near Aktau, Kazakhstan, killing dozens of the 62 passengers and five crew on board, Reuters<\/a> reports. At least 32 people survived the crash and were hospitalized after being rescued from the wreckage. Russian officials are claiming that the plane\u2019s unusual flight path \u2014 which saw it diverted far to the east \u2014 was the result of fog in Grozny, while Russia\u2019s aviation regulator stated that initial indications suggest that the plane had been forced to make an emergency landing due to a bird strike. (Reuters<\/a> | The Guardian<\/a> | Associated Press<\/a> | Financial Times<\/a>)<\/p>\n

Russia launches Christmas assault on Ukraine:<\/strong> Russia launched a fresh wave of attacks on Ukraine today, targeting its energy infrastructure with drones and cruise and ballistic missiles, Reuters<\/a> reports. The strikes have left 500k people in the Kharkhiv region without heat, with Kyiv and other cities also experiencing blackouts.<\/p>\n

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