The Egyptian Ministry of Electricity will launch a tender to establish a wind farm, after receiving offers from General Electric Company and Fiestas Company, reported Al Borsa. The Egyptian Minister of Electricity, Mohamed Shaker, stated that the ministry informed the two companied that it will launch a bid round and choose the best proposal, instead of directly contracting with the specific firms.
General Electric proposed an engineering, procurement, and construction (EPC)system to establish a wind farm with capacity 2000MW, at around $2.12b in investments, with the company financing the project, and the ministry will pay back the invest amounts. Meanwhile, Fiestas offered to build a wind farm with capacity 2200MW and investments estimated at $2.33m, also on a EPC plus finance system.
Fiestas also presented a list of banks to fund the project including EKF Bank, the international financial institution (IFI), HSBC Bank, SDB Bank, and SAF Bank . This comes as Fiestas seeks to establish a joint venture with the New and Renewable Energy Authority (NREA) that will handle wind farms’ maintenance and operational support.