Egypt called on Toyota, Orascom, and GD France alliance to accept that arbitration in case of dispute to be held in Cairo, in order to complete the contracting on the Suez Gulf wind farm.
The Egyptian Ministry of Finance approved issuing a financial guarantee for a new 250MW wind farm in the Gulf of Suez to be granted to a venture between Toyota, Orascom and GD France.
The New and Renewable Energy Authority (NREA) will partner with Orascom Construction, Franc's GD France, and Japan's Toyota to establish a wind farm with a capacity of 250MW of electricity in the Gulf of Suez.
Egypt's Ministry of Electricity has finalized the contract that legally binds GDF Suez, Toyota, and Orascom together to start inaugurating a wind power plant project in the Gulf of Suez area.
Toyota will invest over $1.5 billion in gas exploration in Egypt’s Mediterranean and renewable energy, according to a Tuesday statement by the Egyptian Foreign Ministry.