Dubai-headquartered infrastructure firm Alcazar has signed a $420mn, 25-year contract with Cairo to operate and maintain Egypt’s 580MW Gebel El Zeit wind farm on the Red Sea, according to an Egyptian Cabinet statement on 8 June.
Egypt’s state Egyptian Electricity Transmission Company (EETC) will be the offtaker for the duration of the contract, after which ownership of the asset reverts to Egypt’s New and Renewable Energy Authority (NREA). (CONTINUED - 90 WORDS)