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.
The New and Renewable Energy Authority (NREA) will partner with Orascom Construction, Franc's GD France, and Japan's Toyota to establish a wind farm with a capacity of 250MW of electricity in the Gulf of Suez.
Egypt's Ministry of Electricity has finalized the contract that legally binds GDF Suez, Toyota, and Orascom together to start inaugurating a wind power plant project in the Gulf of Suez area.
Toyota will invest over $1.5 billion in gas exploration in Egypt’s Mediterranean and renewable energy, according to a Tuesday statement by the Egyptian Foreign Ministry.