Egypt plans to launch a tender competition in January to choose firms to build 1,000 megawatt wind power plants in the Gulf of Suez, its electricity minister said on Wednesday.
The power plants will be constructed on a build-own-operate (BOO) basis, Electricity and Energy Minister Hassan Younes told state-owned news agency MENA.
The tender process consists of two phases, one in January for 500 MW and another in July for the same amount, MENA said.
The Egyptian electricity firm will purchase the generated power for 20 years and sell it to consumers at prices set by the cabinet, Younes said.
Egypt has said it aims to attract investments worth $110 billion in its energy sector by 2027. It wants 20 percent of its power to come from renewables by 2020, such as wind and solar.
The country faced power outages last summer after a heat wave sparked power consumption surge. Egypt's installed capacity roughly stands at 25,000 MW.
The minister had said last year Egypt aimed to add 58,000 MW more by 2027, roughly tripling existing capacity.