CAIRO, June 27 Egypt will launch within days a
tender compeition to choose firms to build a 1,000 mega-watt
wind farm in the Gulf of Suez, its electricity minister said.
The power plant will be constructed on a build-own-operate
(BOO) basis, Electricity and Energy Minister Hassan Younes said
in a statement, without providing further details.
Egypt's El Sewedy Cables (SWDY.CA) is likely to bid for the
project, CI Capital said in a note on Sunday. It was shortlisted
among other companies in Egypt's last wind farm tendering.
"We believe that management will surely apply in this wind
bid," the investment bank said.
Sewedy, the largest Arab cable maker by market value, said
in March it was looking to supply wind energy projects in Egypt,
the Middle East and African markets to tap growing demand and
suitable climates. [ID:nLDE62F1SL]
Shares in Sewedy rose 4 percent on Sunday, while Egypt's
benchmark index .EGX30 fell 0.3 percent.
Egypt has been developing windpower along its eastern Red
Sea coast with wind farms at Zafarana and Hurghada and an
installed capacity so far of 500 megawatts but it expects to see
its wind power capacity reach 7,200 megawatts by 2020.
Egypt also aims to generate 12 percent of its power from
wind farms out of a total of 20 percent from renewable sources
by 2020 and is seeking to attract $110 billion in investments in
its energy sector by 2027. [ID:nLDE5BD176]
Younes said in November the ministry qualified 10 firms to
build a 250-megawatt wind farm on its east coast, the country's
first privately owned wind farm. [nL9384811]
(Writing by Sherine El Madany; Editing by Greg Mahlich)