Italgen of Egypt’s Suez Cement Announces €150 Million Investment

Home » Uncategorized » Italgen of Egypt’s Suez Cement Announces €150 Million Investment

Egypt’s Suez Cement has announced funding of the first phase of Hurhada wind farm power Project.
The Italgen company, which is a subsidiary of Suez Cement made the announcement that it had secured €150 million to fund the massive project, which when completed will produce enough energy to serve 40% of Suez Cement’s power needs.

The €150 million project is one of the first phase of the first privately-owned wind farm in Gabal El Zeit. The company expects that Phase I of the venture will produce 120 MW of electricity with the hope of eventually producing 320/350 MW of power in the second phase of the development.

The generated electricity will be transmitted to plants run by the mother company Suez Cement, as part of the Group’s plan to incorporate a higher percentage of renewable power in all of its facilities.

Italgen was authorized as the first private investor entrant into the country’s grid in 2013, after entering into contract with Egyptian Electricity Transmission Company. The company will lved in developing a wind energy park in the area of Gulf El Zeit

Suez Cement asserted that its parent company Italgen has begun its studies of incorporating wind technology in the Group’s operations in in Gabal El Zeit near Hurghada since 2008.