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UAE’s Masdar and Japan’s Marubeni team up for $900mn wind projects in Egypt

The plan involves the construction of more than 700MW (megawatts) wind generation capacity

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Abu Dhabi renewable energy company, Masdar, together with Japan’s Marubeni Corp. have teamed up with a third company to invest about $900mn Egypt’s wind projects.

The plan involves the construction of more than 700MW (megawatts) wind generation capacity.

Egypt’s ElSewedy Electric is also involved in the project. A first project of about 30 percent of the total capacity is near financial close, the company’s vice president Wael Hamdy said in an interview in Abu Dhabi.

“Marubeni is leading the financing part, so we hope to achieve financial closure as soon as possible,” he said after signing the agreement in Abu Dhabi, according to Bloomberg.

“Most probably we will leverage on Japanese finance. The lead arrangers and the syndication is something we are working on currently.”

The whole project is expected to cost about 1 million euros ($1.2 million) per megawatt, in line with the industry average for onshore wind, he said.

The Egyptian government had earlier awarded the projects to the three companies.

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