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«ELSEWEDY ELECTRIC», in a Consortium with Japan's «MARUBENI Corporation», signs an MoU with the «Egyptian Electricity Transmission Company» for a 2x250 megawatts Wind Power project in Gulf ofSuez on BOO basis
[16 Mar 2017]

ELSEWEDY ELECTRIC (EGX: SWDY.CA), the leading Integrated Energy Solution Provider in the Middle East and Africa, announces 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 BOO (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 megawatts. The project, which shall be pre-developed in less than eighteen months, is planned to achieve commercial operation in phases starting from mid2020. The MoU will grant the Consortium the site access to carry out necessary studies to submit a firm proposal.

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