Cairo – Mubasher: A three-company consortium, comprising Egypt’s Elsewedy Electric, Japan’s Marubeni Corporation, and the UAE’s Abu Dhabi Future Energy Company (Masdar), seeks to obtain a credit facility to establish two wind farms with $900 million in investments.
The Egyptian electricity ministry submitted a detailed memo regarding the consortium’s offer to the Cabinet for approval, upon which the New and Renewable Energy Authority (NREA) will grant the alliance a land plot under the usufruct scheme, according to Alborsa News.
The alliance aims at executing the two wind farms with a total production capacity of 500 megawatts (MWs), the local newspaper said, giving no further details on the value of financing that the Egyptian cable maker is seeking to get.
In February, Elsewedy Electric was in talks with the NREA over merging two projects in Egypt in collaboration with Japanese and Emirati firms.
