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Siemens to build 12 wind farms in Egypt

DUBAI, January 26, 2016

Siemens has started work on the first phase of a €2-billion ($2.16 billion) renewable energy project in Egypt that will see the German industrial company build 12 wind farms with a capacity of 2,000 megawatts (MW) of wind energy by 2022, said a report.

The Egypt government is in negotiations with top local and international financial institutions to secure funding for the ambitious project, reported the Daily News Egypt.

The New and Renewable Energy Authority (NREA), which is leading the talks with the lenders, plans to finish the negotiations by next month, stated the report.

The major lenders involved in the negotiations include the National Bank of Egypt, the Banque Misr, Emirates NBD, International Finance Corporation (IFC), the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB).

The plan is to obtain funding for 60 per cent of total project costs from international financing institutions, while the remaining 30 per cent will be sourced from domestic banks, revealed NREA chairman Mohamed Salah El Sobky.

The authority plans to secure €180 million ($195 million) funding for the initial phase of the project in the coming days.

As part of the project, Siemens will establish a factory to manufacture wind turbine blades through self-financing with investments worth €100 million ($108 million).

The factory will annually produce 300 blades per year for 100 turbines that will have a capacity factor of 340MW.




Tags: Egypt | Siemens | wind farms |

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