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27 November 2007 - The Italcementi Group of Italy, through its subsidiary Italgen, has signed a Memorandum of Understanding (MoU) with the Egyptian Ministry for Energy and Electricity, which creates the opportunity to create a major wind farm in the district of Gabal El Zeit, on the Red Sea coast.
The MoU - signed in the presence of Hassan Younes, Egyptian minister for energy and electricity, Carlo Pesenti, chief executive officer of Italcementi, the Italian minister for international commerce Emma Bonino and the Italian ambassador Claudio Pacifico - is part of the energy policy plan issued by the Egyptian government to support foreign investment in the development of renewable energies, with an initial focus on wind and solar.
Italcementi has been closely and actively working with the Ministry for Electricity and Energy for some time to identify a feasibility plan for international investment in the wind sector, in accordance with the Egypt's Development Plan of ensuring at least 20 per cent of electrical power is be generated from renewable sources by 2020.
According to the MoU, the Italcementi Group will assess the possibility of creating a wind farm in Gabal El Zeit that, based on estimates included in the feasibility studies that will be completed by mid-2008, could reach via subsequent stages a total installed power of 400 MW, making it one of the world's largest wind power farms.
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