The Ministry of Electricity and Renewable Energy and a multinational consortium signed two agreements on Wednesday planning a wind power farm with a capacity of 500 megawatts in the Gulf of Suez region.

According to a statement by the cabinet on Thursday, the consortium consists of Egypt’s Orascom Construction, France’s ENGIE, and Japan’s Toyota Tsusho Corporation.

The project will cost around $600 million, the statement quoted Minister of Electricity and Renewable Energy Mohamed Shaker, who attended the signing ceremony, as saying.

The commercial operation of the project is expected to start in 2024, the minister noted.

The project will achieve carbon dioxide (CO2) savings estimated at about one million tons annually, Shaker said.

Prime Minister Mostafa Madbouly, Japan’s Ambassador to Cairo Masaki Noke and Deputy French Ambassador in Egypt François Legué attended the signing ceremony.

The project will also secure 1,100 direct job opportunities during the construction phase in addition to a large number of other job opportunities in related services, Shaker noted, adding that some of the project’s equipment will be locally manufactured.