CBE Issues US$ 630 Mln Guarantee For 250-MW Wind Farm Construction

The Central Bank of Egypt (CBE) has issued a sovereign letter of guarantee worth US$ 630 million to cover all necessary costs for a 250-MW wind farm’s construction, including the cost of operating for six months, said Eng. Ahmed Emam, Egypt’s Minister of Electricity and Energy.

The Ministry of Electricity and Energy accepts offers for the construction of the wind farm that will be built in Suez Gulf to be administered as part of a Build, Operate and Own (BOO) scheme, he added.

Ten companies have submitted their offers and conducted wind speed measurements and environmental reports on the proposed site over the last two years. Eight companies were asked to submit their bids no later than the beginning of next September.

The Egyptian Electricity Holding Company (EEHC) would be required to purchase energy produced at the farm for a period of 25 years, reselling it to consumers at prices determined by Egypt’s cabinet.