Egypt, Germany sign contract for building zafarana power station
Egypt-Germany, Economics, 1/29/2003
Egypt and Germany represented in the New And Renewable Energy Authority (NREA) and a consortium of German and Egyptian companies signed to build a 47 MW wind farm at Zafarana area with a value of 36.6 million Euro besides LE 33.80 million LE.
The foreign portion of the project is financed from the German Construction Bank (KFW) through 25% as a grant (20 million DM) and 75% as a soft loan (60 million DM with interest rate 0.75% and repayment period on 40 years including 10 years grace period).
Meanwhile the local portion is financed by the National Investment Bank.
The project consists of 71 turbines, 660 KW each, with necessitated electrical and mechanical equipment and it will be operative by the end of June 2004 as a successor phase to the first stage (33 MW) which was inaugurated officially in March 2001.
The energy produced from that stage will be in the order of 170 GWH, saving fuel consumption of about 40 thousand TOE and avoid emissions of about 110 thousand COs annually.
It is worth mentioning that the Egyptian counterpart in the consortium will undertake the local works, and in the meantime the turbines towers will be locally manufactured in Egypt.
The project is one of the stages of the anticipated large scale grid connecting wind power plant of 600 MW installed capacity targeting to be completed and operated by the year 2010.
The ceremony was attended by the German ambassador in Cairo Baron Paul Von Maltzahn.
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