The Egyptian Ministry of Finance approved issuing a financial guarantee for a new 250MW wind farm in the Gulf of Suez to be granted to a venture between Toyota, Orascom and GD France, reported Al Borsa. The financial guarantee stated that Egypt provides official guarantees to investors to ensure that the government will commit in payments an provide projects.

Sources with the Egyptian Electricity Transmission Company (EETC) stated that it was agreed to issue the financial guarantee for the wind farm and the ministry’s reply was sent to Toyota regarding the guarantee and arbitration. Thus, the parties will be signing the contracts in January 2017.

EETC’s Head of Feed-in-Tariff (FiT), Lamiaa Yousef, stated that the Ministry of Electricity will contract with the venture to buy production at $0.047/kWh, over a 25-year period. Then the ministry will sell the energy to distributing companies.