Elsewedy Electric Company and Marubeni Corporation are looking to build two wind farms in Egypt, Daily News Egypt reports.

Both farms are to have a 500 megawatt (MW) capacity, the newspaper reports. The companies are currently negotiating for land with the New and Renewable Energy Authority (NREA).

The companies signed a memorandum of understanding (MoU) for the wind farms in March 2017. The plants will be built according to the build, own, operate (BOO) framework.

After finalizing a decision on location, the companies will negotiate financing for the project.

Elsewedy Electric is an Egyptian company that specializes in the manufacture of electrical equipment. It recently exited negotiations with the Ministry of Electricity and Renewable Energy for the construction of six wind-power plants in the Red Sea Governorate, according to Daily News Egypt.

Earlier this year, the company signed a power purchase agreement (PPA) for a 50 MG solar plant in Benban.  The company had a net profit of EGP 4,567.1 million during the first nine months of the year.

Marubeni Corporation is a diversified Japanese firm.