UAE consortium considers $500mln energy project in Egypt

The Arab republic’s New and Renewable Energy Authority (NREA) approved the UAE group’s request to allocate the land required for the project, official sources at the Egyptian Ministry of Electricity and Renewable Energy revealed, declining to disclose the identity of the Emirati firms.

The wind energy station is expected to have a capacity of about 500 megawatts, the sources said, noting that the consortium is currently carrying out the two-year studies which include measuring wind speed, monitoring bird migration, and examining the soil.

The officials further said the studies will take place in the Gulf of Suez region as “it has a strong wind force, an important factor.”

In cooperation with the private sector under the usufructuary right system, the project has been earmarked a 7,872-kilometer land plot, according to claimed data from the NREA.

The land is allocated in return for 2% of the project’s total produced energy or its equivalent during the development’s duration. The NREA will, later on, recover the plot, the sources added.

Egypt is reportedly poised to sell the first-ever sovereign green on September 29^th to fund anti-pollution and renewable energy developments.

*At press time, the conversion rate is $1 = EGP 15.74