Egypt Denies Rumors About Wind Power Station Sale to Foreign Investors

04:06 PM

Wednesday, May 1, 2024

Books – Muhammad Sami:

A statement issued by the Media Center of the Council of Ministers said that what was circulated on some social media pages regarding the issuing of a decision to terminate the agreement to build the Jabal al-wind power station Zeit to sell to foreign investors at an unfair value. what was spent on it at the time of its construction is wrong.
The Cabinet Media Center contacted the Ministry of Planning and Economic Development (Sovereign Fund of Egypt), which denied the news, stressing that there is no truth in what has been raised about the completion of ‘ a contract to sell the Gabal El-Zeit station to generate electricity with wind energy, and that the idea of ​​selling the Gabal El-Zeit station was not taken up, and the fact is that the state made a competitive offer to investor to invest in the Jabal al-Zeit wind power station, through which the investor will receive the right of usufruct over the land of the project and the station for only 25 years, after which the station and land ​​​​​​​the project returns to the state.
The statement said: Note that the investor will pump the necessary investments to renew the turbines to extend the life of the station for another ten years, when energy will be generated for the benefit of the Egyptian. state, in addition to the state receiving an amount paid in advance, in addition to the state also receiving a percentage Annual share of the station’s income, as compensation for the right of usufruct, and because a third of the station’s life has passed and therefore it is necessary to lower the investment cost corresponding to this period.
The statement emphasized: The importance of the competitive offer made by the state to investors in the private sector was noted in the following: increasing the life of the station for an additional ten years through the investor and at its cost without any burden on the state The state will also achieve significant savings in the price of power generation, because the price to be given to the state, according to what was proposed, will be the most energy purchase price lower than previously agreed in the Arab Republic of Egypt by any other international investors. , in addition to the state receiving an amount paid in advance, as well as an annual percentage of the investor’s income from the station as compensation for the right of use.
The Center asked users of social networking sites to be careful before spreading rumours, which may confuse the public with rumors or false information, please.