Egypt’s New and Renewable Energy Authority is negotiating with 10 financial institutions to acquire funding necessary for the construction of a 180 MW wind power plant. Among some of these institutions are National Bank of Egypt, Commercial International Bank, Banque Misr, Emirates NBD, International Finance Corporation, European Bank for Reconstruction and Development, kfW and the African Development bank.

The 180 MW power plant is the first phase of a 2000 MW project which costs €2 billion and is to be carried out by German Siemens. NREA, with the help of international institutions, plans to provide at least 60% of the €2 billion. Local financial institutions will provide the remaining amount.

This re-financing is part of the agreement signed with the German group, according to which it is to build, finance and develop the wind parks. NREA will later pay the invested sum.

Talks with the international firms should end in a few weeks. NREA will then initiate negotiations regarding selling prices for the energy produced by the plants.

Gwladys Johnson