Cairo – Mubasher: Elsewedy Electric Co on Tuesday has denied signing a $250 million initial agreement with Japan’s Marubeni Corporation and the UAE’s Abu Dhabi Future Energy Company (Masdar) to build two wind turbines.

The Egyptian cable firm is still considering the agreement with the New and Renewable Energy Authority (NREA), it said in a statement to the Egyptian Exchange (EGX), noting that the final value of the project has not yet been set.

Elsewedy's statement came in response to what was published in a local Egyptian newspaper, which claimed that Elsewedy would establish a 500-megawatt wind turbine in the Gulf of Suez and a 200-megawatt turbine in Ras Ghareb through the build, own, and operate (BOO) system.

In February, Elsewedy reported a 21% decline in consolidated profit during the full-year 2018, recording a net profit of EGP 5.11 billion, compared to EGP 6.48 billion in 2017. Its revenues fell slightly to EGP 42.49 billion last year from EGP 42.9 billion in 2017.

Source: Mubasher

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