We move to Egypt, where we have been playing a pionieering role.
Gulf El Zeit wind farm project is one of the first and most relevant foreign direct investments in the country under BOO (Build-Own-Operate) scheme. The plant, with a capacity of 320 MW, is located on the Red Sea, in one of windiest regions of the world.
The Memorandum of Understanding established the first formal step and institutional agreement between our Company and the Government of Egypt, represented by the Ministry of Electricity and, specifically, by NREA, the New and Renewable Energy Authority acting as the national focal point to develop and introduce renewable energy technologies in the country.
This fundamental, preliminary step has been followed by many concrete actions to attain the completion of the authorization process, including 3 exhaustive Environmental and Social Impact Assessments focused on biodiversity and birds' migration. The studies have obtained the approvals of the Egyptian Ministry of the Environment.
Once in operation, the plant will produce 1,600 GWh, avoiding the emission of 800,000 tons of CO2 and will allow the saving of 2,000,000 of barrels of oil equivalent (BOEs) per year, risulting one of the major wind farm projects in the MENA (Middle East North Africa) region.