Three international companies submitted their offers to the New and Renewable Energy Authority (NREA) for the bid round to establish a 250 MegaWatt (MW)-capacity wind farm in the Gulf of Suez, source at NREA told Al Mal News.

The competing companies include Spanish Siemens –Gamesa, Danish Vestas, and German Senvion, the sources said.

The NREA opened the operational offers and gave primary approvals until the offers are analyzed. Yet, the financial offers will be submitted in March 2019 for the $297.52 million investments project.

KfW Development Bank is working on securing a $297.52 million loan to finance the project, which will be available upon choosing the funding institution and starting studies.