The African Development Bank (AFDB) agreed to finance Egypt’s share in the first Egyptian-Emirati project to generate electricity from wind power.
The AFDB will give a loan of around $50m to the New and Renewable Energy Authority (NREA) for the project.
The project’s total investments are around $250m. NREA’s share in the new partnership varies between 20% and 25%, while the Emirati share varies between 75% and 80%.
The project will be established in the Gulf of Suez with a capacity of 200 MW and it is expected to begin operations by 2018.
The project’s joint committee has finalised the technical evaluation for the new company’s legal advisor.
Shahid law Firm, Eversheds and PricewaterhouseCoopers (PWC) were chosen from 17 consultancies that submitted in the tender.
A memorandum of understanding (MoU) with the name of the chosen advisor was proposed to the AFDB for the final approval before signing the contract.