The New and Renewable Energy Authority (NREA), represented by Dr. Mohamed Mustafa Al-Khayyat, CEO of the Authority, signed an agreement to use the land with the Emirates Al Nuwais Company, represented by Eng. Hussain Al Nuwais, Chairman of the Board.
The agreement gives a license that grants the right to use the land for the purpose of constructing a wind power plant, a capacity of 500 MW, with a system of build, own and operate (BOO), and on an area estimated at about 70 km2 of the land allocated for the Renewable Energy Authority in the West Coast of the Gulf of Suez.
It is worth noting that the Egyptian Electricity Transmission Company will purchase the energy produced from the project at a price of 3.1 cents / KWh, including the right to use the land, in accordance with the agreement to purchase electrical energy that was signed with the Nuwais Company at the headquarters of the Council of Ministers on December 10th. The total expected investment for the project is about $500 million US.
The total installed capacity of wind energy is currently 1375 MW (80% owned by the NREA, and about 20% by the private sector). Another 250 MW wind power plant has also begun construction in the Gulf of Suez region, which is planned to be completed and operational by September 2021.
