Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker is to inaugurate the largest wind power plant in Gabal El-Zeit area in the Gulf of Suez on Thursday November 5, 2015.
The investment cost of the project is estimated at US$250 million that would be provided through a long-term soft loan from the KfW Development Bank, the minister told Al-Ahram Gate Wednesday.
The inauguration ceremony will be attended by Mohamed Salah ElSobki – chairman of the New and Renewable Energy Authority (NREA) – and a number of officials at electricity and renewable energy ministry.
Shaker said that the project has been implemented with the latest international technologies by one of the largest Spanish firms specialised in this field.
The KfW – whose name originally comes from Kreditanstalt für Wiederaufbau (Reconstruction Credit Institute) – is based in Frankfurt, Germany and owned by the Federal Republic of Germany (80%) and the States of Germany (20%).
KfW banking group covers over 90% of its borrowing needs in the capital markets, mainly through bonds that are guaranteed by the federal government.
