Egyptian outfit Orascom Construction has partnered with French company Engie and Japan’s Eurus Energy Holdings to develop a 250MW wind farm in the country.
The $400m project at Ras Ghareb, in the northern Red Sea Governorate, has a 20-year power purchase agreement with the Egyptian Electricity Transmission Company.
Financial close is expected by year-end, with Orascom to take a 20% stake and lead the construction campaign scheduled for completion with two years.
The consortium will operate and maintain the wind farm for 20 years.
Project financing is expected to be provided by Japan Bank for International Corporation in coordination with Sumitomo Mitsui Banking Corp and Société Générale under a Nippon Export and Investment Insurance cover.
Orascom Construction chief executive Osama Bishai said: “This project underscores our strategy to pursue investments in the infrastructure sector that create new construction opportunities and long-term value for shareholders, and expands our growing presence in the power market to the renewable energy sector.”
Image: GES
Egyptians lead 250MW wind charge
Local outfit Orascom to partner with Engie and Eurus on Ras Ghareb project
By EBS