Italcementi SpA has signed through its Italgen unit a memorandum of understanding (MoU) with Egypt’s Ministry of Electricity & Energy for the possible construction of a wind power plant in the Gabal El Zeit, on the Red Sea coast, Italcementi said in a statement.
According to the MoU, the Italian group will study the feasibility of the construction of a wind farm with a 400MW capacity. The study will be completed by the end of the first half of 2008, Italcementi said.
The agreement, signed in the presence of the Egyptian Minister of Electricity and Energy, Hassan Younes, and the Italian Minister of EU Affairs, Emma Bonino, is part of the energy policy approved by the Egyptian Government to support the foreign investments destined for the development of renewable energy. The energy produced from wind and solar sources is expected to account for 20 pct of the Egyptian energy produced from renewable sources by 2020.