Toyota, Orascom, and GD France alliance is waiting the New and Renewable Energy Authority (NREA) to complete the land allocation agreement for the Gulf of Suez wind farm to complete financial closure and sign the power purchasing agreement with the Egyptian Electricity Transmission Company (EETC), reported Daily News Egypt.

Sources at the Ministry of Electricity and Renewable Energy stated that the terms have been agreed upon, and that the land will be allocated soon. In addition, the sources confirmed that the power purchasing agreement is to be signed within two months.

The Ministry of Electricity agreed to move arbitration outside of Egypt, but have not decided on a location yet.

The ministry’s sources informed that the ministry will buy the energy at EGP 4.6 per kw/h, which is the cheapest price for wind energy.

Meanwhile, the Ministry of Finance had approved the government’s guarantee of payment in case of dispute over the establishment of the Gulf of Suez wind farm, which sports a capacity of 250MW.