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Egypt’s electricity minister Mohamed Shaker plans to propose a switch of contract terms to persuade international banks and financial institutions to back the country’s slow-moving wind power program.
Mr Shaker will suggest developing all wind projects under build-operate-own (BOO) terms rather than offering some under the feed-in tariffs set out for a second phase of Egypt’s renewable energy projects program.
The move follows the award by state grid operator EETC of a 250MW BOO wind project, to be built at Ras Gharib on Egypt’s Red Sea coast, to a consortium of France’s Engie (40%), Japan’s Toyota Tsusho (40%) and Egypt’s Orascom (20%). Germany’s Siemens Gamesa will provide the wind farm’s 125 turbines, with delivery by July 2019.
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