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Marubeni, Abu Dhabi's Masdar in USD 900 million Egypt wind plan

Three companies have joined forces to invest USD 900 million in wind farm development n Egypt.

Photo: Nabil Amr/AP

Three companies including Japan's Marubeni Corp. and Abu Dhabi Future Energy Co., also known as Masdar, teamed up to invest about USD 900 million in Egyptian wind parks.

Egypt's ElSewedy Electric is also involved in the plan to build more than 700 megawatts. A first project of about 30 percent of the total capacity is near financial close, the company's vice president Wael Hamdy said in an interview in Abu Dhabi.

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