Italcementi Group is to introduce a new wind energy project in the Red Sea area and is expected to invest 140 million euros into the venture.

The investment will contribute to Egypt’s environmental goals of reducing impact on the environment and intake of fuel based energy resources.

Nine international wind turbine manufacturers have arrived in Hurghada this week to take part in a site visit that has been organised by Italgen (Italcementi Group).

The project will cover the energy needs of the Suez Cement Company plants in Egypt, where the main investor is Italcementi Group.

Giuseppe De Bani, the managing director of Italgen, has stated that the project plays a crucial role in the renewable energy market and would be an important sign of the renewed confidence and trust of foreign investors in Egypt: “Egypt is a priority in our internationalisation strategy and we are fully committed to it. We are confident that the new era will mean a favourable and more dynamic business environment.”

The project is great news for investors in the Red Sea area and for the country’s economy. It will create job opportunities and encourage more businesses to invest in the Red Sea area.

The wind energy project will help reach the government’s target to have 20 percent of total energy capacity installed from renewable energy by 2020.

Italcementi Group has been contributing to the industrial and social development of Egypt since 2001 and the commitment to the future growth of the country will certainly encourage other businesses to choose Egypt as their next place to invest.