The Red Sea Wind Energy Consortium has announced the financial close, of the new 500 MW Gulf of Suez Wind Farm near Ras Ghareb, Egypt.
According to the agreement, the consortium which is majority owned by Engie with a 35% stake, has Orascom Construction (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%) as its members will be responsible for running and upkeeping the wind farm for a period of 25 years while also adhering to a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). The wind project has the capacity to generate enough energy to power over 800,000 households and will offset 1 million tonnes in CO2 emissions every year.
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 plant will be connected to the grid over two phases with full commercial operation planned in Q3 2025.
Globeleq has signed a Framework Agreement to develop a large-scale green hydrogen facility within the Suez Canal Economic Zone, Egypt.
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AMEA Power has signed a Framework Agreement with the Government of Egypt to develop a 1,000MW green hydrogen project located at the coastal town of Ain Sokhna in the Suez Governorate, Egypt.
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ACWA Power Company has signed a memorandum of understanding (MoU) with Oman Investment Authority (OIA) to explore bringing the sovereign wealth fund on as an investor for the 1.1GW Suez Wind Energy project in Egypt.
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Masdar, along with Infinity Power and Hassan Allam Utilities, have signed a memorandum of understanding (MoU) to develop a 10 GW onshore wind project in Egypt.
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ACWA Power has signed a US$1.5 billion project agreement to build a 1.1 GW onshore wind farm project in Egypt.
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