Italcementi Group, through its subsidiary Italgen, has signed a Memorandum of Understanding in Cairo with the Ministry for Energy and Electricity to develop a huge wind farm project in Gabal El Zeit, Red Sea Governorate, one of the windiest region of the world.
The Memorandum – signed at the presence of Hassan Younes, Egyptian Minister for Energy and Electricity, Carlo Pesenti, Chief Executive Officer of Italcementi, Emma Bonino, the Italian Minister for International Commerce and Claudio Pacifico, the Italian Ambassador– is part of the energy policy plan issued by the Egyptian Government to support foreign investments for the deployment of renewable energies.
Within the framework of the positive relationship between Italy and Egypt, Italcementi Group has been closely and actively working with the aforesaid Ministry to identify a feasibility plan for an international investment in the wind energy sector, in accordance with the Egyptian Government’s Development Plan targeting 20% of electricity from renewables by 2020.
The huge investment witnesses the Group’s intention to be involved in the long-term development of the country. Local and international partners will be involved.
According to estimates, the new wind farm at its full capacity will avoid the release of approximately 500,000 tons of CO2 per year.