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UAE-based Masdar has revealed plans to invest in a US$580mn wind project in Egypt
According to Egyptian newspaper Daily News Egypt, the project will cost approximately US$580mn, although the figure can alter later. The exact figure has not yet been confirmed.
Egypt’s Energy Research Center head Mohamed El-Sobky said that the project represented a ‘milestone’ in Egypt’s renewable energy sector, despite the vague details.
“We hear of great projects all the time, but investments often become questionable. But this project looks promising as it is well-promoted,” he said.
The Energy Research Center head added that the Egyptian renewable energy sector was currently facing legislation issues, particularly in terms of investments in the industry.