Egypt

Egypt

Italgen signs 120MW Egyptian transmission deal

EGYPT: Italgen, a subsidiary of cement producer Italcementi, has signed contracts with the Egyptian Electricity Transmission Company, making it the first private investor allowed to connect to the national grid.

The 120MW wind farm on the Gulf El Zayet, represents an investment of around EUR 120-130 million. The project's capacity could eventually rise to 400MW.

The power will be transmitted to plants run by Suez Cement, another Italcementi subsidiary, as part of the group's plan to cut CO2 emissions. Phase I will cover 40% of Suez Cement's power needs.

Italgen can now proceed with selecting turbines — from a shortlist of ten — and with securing funding. The company said it had received "several expressions of interest" regarding the finance.

The company signed a land use agreement with NREA in June 2012, with commissioning planned in 2014. It had hoped to get the permits in 2011, but this was delayed by concerns over migratory birds and the Arab Spring revolution.

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