Arab Finance: Egyptian New and Renewable Energy Authority (NREA) and Norway’s Scatec signed a $5 billion contract to build a wind power plant in West Sohag, the Egyptian cabinet stated on July 7^th.

The wind power plant will generate 5 gigawatts of electricity annually, which is expected to contribute to Egypt's goal of renewable energy making up 42% of the country's energy mix by 2030.

This project highlights the potential of renewable energy in Egypt to attract foreign direct investments, Minister of Electricity Mohamed Shaker said.

For his part, Scatec’s CEO Terje Pilskog said that the yet-to-be established wind farm will be one of the largest wind plants in Egypt and Africa.

Pilskog added that the project will provide about 8,000 job opportunities during the construction works phase, in addition to around 300 permanent jobs.

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