The Cabinet of Ministers approved granting the golden license to the Red Sea Wind Energy Company to design, construct, operate and maintain a power production plant from wind energy and sell it, in the northern Gabal Al-Zeit area, Gulf of Suez, Red Sea Governorate, with a capacity of 500 megawatts, at an investment cost of about $680 million.
The project's implementation schedule is 32 months, as it is planned to complete its implementation and operation by the end of 2025. It is expected to provide 1,600 job opportunities during construction and 40 job opportunities during operation.
The project aims to transfer and localize modern and advanced technology in electric power generation from wind, which supports the state’s drive towards expanding renewable energy sources to reduce environmental impacts and heat emissions.