Engie consortium achieves financial close for 500MW Egypt wind farm

Engie consortium achieves financial close for 500MW Egypt wind farm

Egypt - The Red Sea Wind Energy Consortium has announced the financial close, a significant milestone on the new 500 MW Gulf of Suez Wind Farm near Ras Ghareb, Egypt.

The consortium, which is majority owned by French multinational utility group Engie with a 35% stake, has Orascom Construction (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%) as its members.

As per the agreement, the consortium will operate and maintain the wind farm under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).

The plant will be connected to the grid over two phases with full commercial operation planned in Q3 2025. EETC’s obligations under the PPA are backed by Egypt’s Ministry of Finance, it stated.

This new 500 MW wind farm project builds on the past success achieved by the consortium in developing Egypt's first renewable energy Independent Power Producer (IPP) project of its kind and size (completed in October 2019 ahead of schedule), and tripples the developer consortium’s wind energy capacity in Egypt to 762.5 MW.

It will be built, owned and operated by Red Sea Wind Energy, while Orascom Construction will execute the construction of the civil and electrical works of the wind farm.

The project