Arab Finance: Egypt has signed two agreements to build a 500-megawatt wind farm in the Gulf of Suez, with investments estimated at $600 million, according to a statement.

The project is a partnership between the Ministry of Electricity and Renewable Energy, embodied by the Egyptian Electricity Transmission Company (EETC) and the New and Renewable Energy Authority (NREA), and the UAE-based AMEA Power. 

These agreements are part of Egypt’s ongoing efforts to expand its renewable energy sources, as the project aims to support the national strategy of renewable energy targeting to produce 42% of its energy from renewable sources by 2030. 

The wind farm will contribute to producing clean electricity, reducing carbon emissions, and creating new job opportunities in Egypt. 

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