The deal was inked by Mona Rizk, chairperson of the state-owned Egyptian Electricity Transmission Company, and Ayman Saad, CEO of Siemens Gamesa in Egypt.
Prime Minister Mostafa Madbouly and Minister of Electricity and Renewable Energy Mahmoud Esmat attended the signing ceremony.
According to a cabinet statement, Siemens Gamesa will build, finance, and operate the wind farm under the agreement.
Minister Esmat noted that the project aligns with the government’s efforts to support and develop the renewable energy sector, maximize returns from available natural resources, reduce reliance on fossil fuels, and decrease carbon emissions.
Saad said Siemens Gamesa has a "long and successful history in Egypt," contributing 1.5 gigawatts of clean energy to the country.
The project is the latest in a series aimed at contributing to Egypt's goal of meeting 42 percent of its annual electricity demand from renewable sources by 2030 and 65 percent by 2040.
Egypt seeks to expand its renewable energy sector as part of its sustainable development goals, reduce its reliance on fossil fuels, and conserve its natural gas reserves.
In recent years, the Egyptian government has signed numerous renewable project agreements with regional and international corporations to maximize renewable energy capacity.
Egypt has been self-sufficient in electricity since June 2015 and currently maintains an electricity surplus of over 25 percent.
Despite this self-sufficiency, Egypt implemented daily power cuts in the summers of 2023 and 2024 to alleviate the mounting pressure on the country's gas network, strained by rising temperatures and increased air conditioner usage.
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