Egypt signs USD-1.5-bln wind power deal with Saudi co.-led consortium

CAIRO, Jan 10 (KUNA) -- Egypt signed Wednesday a USD 1.5 billion agreement with a consortium led by the Saudi ACWA Power Company for a 1.1 gigawatt wind power plant project in Suez Gulf and Gabal El-Zeit areas.

Egypt signs USD-1.5-bln wind power deal with Saudi co.-led consortium.

The agreement was signed by CEO of the Egyptian New and Renewable Energy Authority (NREA) Mohammad Al-Khayat and Vice-Chairman of ACWA Power Company for Business Development in Afirca Mohammad Hamdoush and the company's Country Director in Egypt Hasan Amin and CEO of Hasan Allam Utilities Dalia Wahba, with Egyptian Prime Minister Mustafa Madbouli attending, the cabinet said in a press release.
Following the signing of the deal, Minister of Electricity and Renewable Energy Mohammad Shaker said under the agreement, the consortium would undertake completing site studies and securing project finance.
He commended the project as being the largest of its kind in the Middle East and the world for power production.
He added that the project, once completed, would contribute to offsetting 2.4 million tons of carbon dioxide per year, providing roughly 840,000 tons of fuel per annum, creating some 6,000 jobs and offering electricity to a million households.
For his part, ACWA Power Company's CEO Thomas Brostrom said the project would utilize state-of-the-art wind turbine technology with a turbine tip height of around 220 meters. (end) ism.mt.