19 January 2020
Egypt's New and Renewable Energy Authority (NREA) has signed a concession agreement with the UAE's Al Nowais Investments (ANI) to develop a 500-megawatt (MW) wind power plant in the Ras Ghareb area at a total cost of $500 million, Chairman Mohammed Alkhayat told Zawya Projects.
Zawya Projects had reported last month that Amunet Wind Power Company (AWPC), fully owned by ANI- subsidiary AMEA Power, would develop the project on Build-Own-Operate (BOO) basis under a 20 year take-or-pay agreement with the Egyptian Electricity Transmission Company (EETC).
He said the plant would be built in two phases over the next three years, adding that the first phase would be completed by end-2022, and the second phase by end-2023.
Egypt will pay 3.1 US cents/kWh for the power produced by the plant, Alkhayat added.
He also disclosed that NREA will soon sign a concession agreement to develop a 250 MW solar power plant, adding that the plant is scheduled for completion by September 2021.
Last month, Zawya Projects had reported that ANI has signed a BOO agreement to develop a 200MW solar power project in the Kom Ombo region of Aswan under a 25 year take-or-pay agreement.
(Reporting by Marwa Abo Almajd; Editing by Anoop Menon)
Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.
© Thomson Reuters Projects News 2020