Negotiations have broken down between British firm Actis and the Egyptian Ministry of Energy over plans to Build Own and Operate a 250MW Wind Energy Plant on the Red Sea. The Government is now in discussions with a consortium including Gaz de France (GDF), Toyota and Orascom.The parastatal of the Ministry that will buy the power is the New & Renewable Energy Authority (NREA).
The investor will provide project finance while the government agency will purchase power at the contracted price for 25 years. Actis offered to sell the power for 3.9 Egyptian cent per KW, whereas the GDF/ Toyota / Orascom consortium are offering it for 4.08KW per KW though its not clear what else tey are throwing into the negotiation.
