Egypt Signs 20-Year Agreement with Voltalia for Wind Power at $24/MWh
Egypt has finalized a power purchase agreement with Voltalia for electricity from an 869 MW wind farm at $24/MWh, totaling an investment of approximately $800 million. This initiative aligns with Egypt's goal to achieve 45% renewable energy in its electricity generation by 2028, reducing dependence on gas and imports.
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Egypt's Electricity Transmission Company (EETC) signed a 20-year agreement with Voltalia to purchase electricity from the 869 MW Zafarana wind farm at a rate of $24/MWh, equivalent to 2.4 cents/kWh. The project, approved in June, represents an investment of around $800 million and is expected to commence commercial operations in 2028.
This move is part of a broader strategy to increase renewables to 45% of electricity generation by 2028, addressing the country's reliance on gas and imported fuels. The Zafarana wind project contributes to diversifying energy sources, aligning with ongoing developments in solar power, including Scatec's solar complex and ACWA Power's Ras Ghareb project.
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