To achieve this strategic objective, the country intends to rely on the private sector, within the framework of public-private partnerships.
Egypt plans to install a 500 MW wind farm in the Gulf of Suez region. An agreement has been signed for this by the Ministry of Electricity and a consortium made up of Orascom, Engie and Toyota Tsusho Corporation. The project will be developed through the Red Sea Wind Energy Company, a special purpose company.
The work will be carried out within the framework of a Build, Own, Operate, Transfer (BOOT) system which will allow developers to take charge of the entire project and to operate the plant for a fixed period before transferring it. state ownership.
The total cost of the project is estimated at $ 600 million. The project is still in the financial mobilization phase. It will be supported by the European Bank for Reconstruction and Development (EBRD) to the tune of $ 50 million. The plant is expected to be operational by 2024.
According to Electricity Minister Mohamed Shaker, the Egyptian Electricity Transmission Company (EETC) will purchase the electricity produced by the wind farm. The project will create 1,100 direct jobs and several indirect jobs related to the provision of equipment and services.