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The New and Renewable Energy Authority (NREA) unit of Egypt’s Ministry of Electricity plans to establish a company to manage the country’s wind farms. NREA will offer 70% of the new firm to international wind power firms. CEO Muhammad El Khayat says NREA aims to launch the new company in late 2018 as the current set-up lacks the financial liquidity to maintain its existing wind farms, according to local daily Al Mal.
Egypt has 750MW of current wind capacity. NREA has also awarded contracts for three farms totaling 630MW, which would raise Egypt’s wind capacity to 1.38GW.
This week Egyptian electricity grid operator EETC signed an agreement with France’s Engie, Japan’s Toyota Tsusho and Egyptian contractor Orascom for development of a 250MW wind farm at Ras Gharib on the Gulf of Suez under a build, own and operate arrangement. (CONTINUED - 305 WORDS)