Elsewedy-Marubeni signs MoU for 500-MW of wind project in Egypt

ELSEWEDY ELECTRIC, an integrated energy solution provider in the Middle East and Africa, announced the signing of a memorandum of understanding (MoU) in a consortium with Japan’s MARUBENI Corporation with the Government of Egypt to develop a new wind power plant in Gulf of Suez on build, own and operate basis.

The  project  is  located  on  the  Red  Sea  coast,  north  of  Hurghada,  at  Gabal Elzeit area where an abundance of unique wind resources are proven. The wind power plant will be developed in two phases, each with a capacity of approx. 250 MW. The project, which shall be pre-developed in less than eighteen months, is planned to achieve commercial operation in phases starting from mid- 2020. The MoU will grant the consortium the site access to carry out necessary studies to submit a firm proposal.

The consortium will utilize the capabilities and experience of Japan’s MARUBENI Corporation in development, operation and ownership of power generation projects with different technologies in addition to the access to the Japanese finance. The consortium will also benefit from the capabilities and experience of ELSEWEDY ELECTRIC in wind energy projects in specific, and integrated works in the mega power projects. ELSEWEDY ELECTRIC will also utilize the studies it developed for the same site, which has been allocated to it before in an international auction by EGYPT’s New and Renewable Energy Authority during 2012.

The MoU was signed in Tokyo – Japan, in the presence of Egypt’s Minister of Electricity and Renewable Energy, Dr. Mohamed Shaker Elmarkabi and the Egyptian Ambassador in Japan, Mr. Ismail Khairat, and witnessed by the Chairman of the Egyptian Electricity Holding Company, Mr. Gaber Eldesouky.

Ahmed  Elsewedy,  President and CEO  of ELSEWEDY ELECTRIC, commented:

“We are pleased to announce  the  collaboration  among  ELSEWEDY  ELECTRIC,  MARUBENI  Corporation,  the Egyptian Government and lending institutions to participate in the development of Egypt’s unique renewable energy program.”