Oil Egypt accountACCOUNT King Tut

Masdar in $900M Egypt Wind Plan

Source: Bloomberg 1/17/2018, Location: Egypt

Share |
Three companies including Japan’s Marubeni Corp. and Abu Dhabi Future Energy Co., also known as Masdar, teamed up to invest about $900 million in Egyptian wind parks.

Egypt’s ElSewedy Electric is also involved in the plan to build more than 700 megawatts. A first project of about 30 percent of the total capacity is near financial close, the company’s vice president Wael Hamdy said in an interview in Abu Dhabi.

“Marubeni is leading the financing part, so we hope to achieve financial closure as soon as possible,” he said after signing the agreement in Abu Dhabi. “Most probably we will leverage on Japanese finance. The lead arrangers and the syndication is something we are working on currently.”

Marubeni signed an MOU with the other companies to develop the project and expects total costs to be about $900 million, according to a company spokeswoman. A commercial startup date for the project hasn’t been decided, she said.

The whole project is expected to cost about 1 million euros ($1.2 million) per megawatt, in line with the industry average for onshore wind, he said.

The Egyptian government had earlier awarded the projects to the three companies.

Egypt >>  9/17/2018 - Gastec Corporation and Italian oil and gas company Eni signed an agreement to establish auto service and gas and natural gas fuel stations in various ...
Egypt >>  9/17/2018 - The Egyptian Natural Gas Holding Company (EGAS) provided 2.1 trillion cubic feet of gas to all local market economic sectors in FY 2017/18, leading to...

Egypt >>  9/15/2018 - Minister of Petroleum and Mineral Resources Tareq el Molla signed two deals with firms from Canada, the UK, the Netherlands, Malaysia and Kuwait to ex...
Egypt >>  9/8/2018 - Eni announces that Zohr field is now producing 2 bcfd, equivalent to approximately 365,000 boed. This outstanding result has been achieved only a few ...

Egypt >>  9/6/2018 - The International Islamic Trade Finance Corporation (ITFC) announced the signing of two new Agreements between ITFC & the Government of the Arab Repub...
Egypt >>  9/5/2018 - Egypt will pay $2 billion to Union Fenosa Gas Company as a settlement for halting gas supplies to the company’s Damietta LNG plant, according to the W...

Related Categories: Biomass Energy  General  Geothermal Energy  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

Related Articles: General  Hydropower  Photovoltaic Solar Energy  Solar thermal Energy  Wind Energy 

More News

Oil & Gas Companies in Egypt >>

Related Links

Oil Egypt E-Marketplace - Subscription Packages - Benefits

Copyright © Universal Solutions S.A.E. All rights reserved. Privacy Policy. - Career Opportunities - Feedback - Contact Us