5 insurers vying to cover turbines in Egypt’s largest wind farm

Five insurance companies are seeking to win an insurance policy bid to cover 474 wind turbines in one of Egypt’s largest wind farms, Zafarana, sources said on Sunday.

Launched in 2015, Zafarana Wind Farm is one of the largest wind power farms in the world, located120km (74.5 miles) South of Suez on the Red Sea. It was inaugurated by the Electricity Ministry, as part of the country’s efforts to increase the amount of electricity generating from renewable sources.

The insurance policy is with total sum insured up to 2.5 billion Egyptian pounds ($148.3 million), the sources further told Amwal Al Ghad on Sunday, adding that the wind turbines are with a capacity of 850 MW.

“The five insurers are Misr Insurance, Egyptian Takaful Insurance (Property), Royal Insurance, Egyptian Life Takaful (GIG), and Wethaq Takaful Insurance,” they said.

The insurance policy includes the coverage of risks related to fire, burglary, explosions, and lightning strike, the sources added.

Moreover, Egypt signed a cooperation protocol with Germany, Spain, Japan, and Denmark to execute a power plant, including 700 turbines in Zafarana Wind farm, at a capacity of 545 MW.