The New and Renewable Energy Authority (NREA) is in negotiations with ten local and international financial institutions to secure a loan worth $196.5m (€180m) to finance the first phase of construction of Siemens wind power plant. Negotiations are expected to be concluded by February, reported Egypt Daily News.

The project is to be implemented by the German company Siemens and will add a capacity factor of 2,000 MW of wind energy by 2022.

This project is part an $8b deal Siemens signed with the Egyptian government in June 2015, to build natural-gas and wind-powered plants in Beni Suef, Kafr El Sheikh and the new administrative capital – adding 14,400MW of power to the Egyptian grid, according to Reuters.

Previously the Egyptian Electricity Holding Company had signed a loan contract with a consortium of ten Egyptian banks worth EGP 10b ($1.2b) to partially finance three power plants to be built by the company, reported Ahram Online.