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Egypt announced the signing of a financial agreement to close the construction of a new wind farm near Ras Gareb in the Gulf of Suez with a capacity of 500 megawatts and an investment of $680 million.

The agreement was signed by representatives of Red Sea Wind Energy, namely Chairman of the Board of Directors Khaled El-Degwi, Financial Director of the company Yuji Hashimoto and Executive Director of the company Hans Bruns. Kenichiro Kitmura, Regional Director of the Japan Cooperation Bank, was signed by the Financing Authorities (JBIC) and Heike Harmagart, Representative of the European Bank for Reconstruction and Development (EBRD).

On the sidelines of the signing of the agreement, the Minister of Electricity and Renewable Energy said the project is one of the largest wind energy projects in Egypt and Africa.

The minister explained that the role of Red Sea Wind Energy Company is to operate and maintain the wind farm in accordance with the 25-year Power Purchase Agreement (PPA) it signed with the Egyptian Electricity Transmission Company.

He added: the station is planned to be connected to the national grid in two stages, and full commercial operation is scheduled for the third quarter of 2025.

He pointed out that the Ministry of Electricity and Renewable Energy has taken many measures and launched a number of mechanisms to encourage and stimulate investment in the production of electricity from renewable energy sources through the private sector. To maximize the use of renewable energy sources and the exploitation of these natural resources

He added: “As a result of these measures, the private sector has gained a lot of confidence in the electricity and renewable energy sector.” Because a large number of investors from foreign and local private sector are served; To create new projects, among these investments is a wind farm project at Ras Gareb in the Gulf of Suez – the subject of today’s agreement – with a capacity of 500 megawatts.

He said renewable energy projects improve Egypt’s chances of exporting electricity to Europe, Asia and Africa by expanding power interconnection projects with neighboring countries.

Source: RT

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