Egypt to invest $22.2 billion in power sector
In 2008, Egypt's electricity demand increased 13%. Investment in Egypt's power sector was $1.5 billion in 2008 and $2.6 billion in 2009.
Dr. Hassan Yunis, the minister of electricity, said, "The plan aims to add 10,450 megawatts to the grid capacity through conventional gas power plants and alternative energy resources, such as wind and solar energy."
As part of this plan, the New and Renewable Energy Authority (NREA) plans to construct a 200-megawatt (MW) windfarm in the El-Ziet area in the Gulf of Suez. The windfarm is scheduled to be online by the end of 2012. This project will be set up with the cooperation of the European Investment Bank, the European Commission and the German Bank of Reconstruction and Development. These organizations will provide $380 million in loans and grants to fund the project.
The project is considered an opportunity for services providers and international manufacturers to compete in the Egyptian wind power market.
The El-Ziet area has an average wind speed of 11.5 meters per second at a height of 24 meters and is considered an ideal location to set up windfarm. The area has other planned wind projects:
• 220-MW windfarm in cooperation with the Japanese government;
• 120-MW windfarm in cooperation with the Spanish government;
• 120-MW windfarm built with private investments.
Egypt has 25,000 MW of installed capacity, 10.8% of which comes from renewable sources. Hydropower provides 10% of the renewable power, while the remainder comes from the Zafarana and Hurghada windfarms.
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