Published on January 28th, 2016 | by Saurabh3
Siemens, GE Plan Wind Turbine Manufacturing Facilities In Egypt
January 28th, 2016 by Saurabh
Egypt is emerging as a favoured destination for global wind turbine manufacturing companies as they look to tap the growing potential of the country’s renewable energy market.
According to media reports, GE and Siemens are looking to make significant investments in Egypt to build manufacturing facilitates to cater to the local and regional demand. Egypt is planning to add 2 GW wind energy capacity by 2022, part of an overall 4.3 GW renewable energy capacity addition by the same year.
GE signed an agreement in March last year to build a $200 million manufacturing and training facility in the country. Siemens, too, is looking to develop assets in the country to support development of large-scale wind energy farms.
Several international project developers have expressed interest in developing renewable energy projects in recent months. ACWA Power and Masdar Group have proposed to set up 500 MW worth of wind energy capacity, and ACWA Power has reportedly already raised some debt finance, and has already started scouting for land in the Suez Canal.
Proposals by project developers have found support from international financial institutions as well. The European Bank for Reconstruction and Development has allocated several million dollars for the development of renewable energy projects. The French Development Agency Group also announced that it would provide €60 million for the development of renewable energy projects, having signed an agreement with Egypt’s Commercial International Bank for this purpose.