Cairo – Mubasher: A consortium of Egypt’s Elsewedy Electric and Japan’s Marubeni is planning to establish two 500-megawatt wind farms.
El Sewedy, the largest listed cable company in the Arab world, will deal with Japanese institutional funds to finance both farms, and it has started negotiations with banks over financing the project, sources familiar with the matter told Alborsa News.
The consortium is selecting a land plot in the Gulf of Suez and another in the west area of the Nile.
In March, Elsewedy had signed a memorandum of understanding (MoU) with Marubeni to build, own, and operate two 500-megawatt wind farms, with investments worth up to EUR 500 million.
