Consortium agrees to develop largest renewable project in Egypt

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
Consortium agrees to develop largest renewable project in Egypt

This article is part of a daily series of IPP articles. If you want to know more about the latest power generation projects globally visit our IPP Today section. You can receive them by email on a daily basis.

ENGIEToyota Tsusho Corporation/Eurus Energy Holdings Corporation and Orascom Construction have jointly signed an agreement to commence development work on a new 500 MW wind farm in Ras Ghareb, Egypt.

The partners have agreed to develop the wind farm on a build-own-operate (BOO) basis and are targeting to complete all necessary pre-construction work, including financial close, by Q3/4 2019.

The agreement was signed between the consortium of developers and the Egyptian Electricity Transmission Company (EETC) as the power purchaser and the New & Renewable Energy Authority (NREA) as the land owner.

The consortium are already developing a 250 MW wind farm in the same area of Egypt, located on the African side of the Gulf of Suez, having signed a PPA with EETC in November last year and achieved financial close in December. The wind farm is currently under construction ahead of schedule and is expected to be commissioned in the second half of 2019.

The developers have claimed that this new 500 MW project eclipses their 250 MW wind farm as the largest renewable energy project of its type and size in Egypt.

In March 2017, Elsewedy Electric and Marubeni Corporation signed a memorandum of understanding (MoU) to develop a 500 MW wind project in the Gulf of Suez region. In February 2018, Elsewedy disclosed that it was still in negotiations with the NREA regarding the project's approval, meaning that the Engie-Toyota-Orascom project may commence construction and deliver the largest renewable facility sooner.

Both projects will be crucial to meeting the Government of Egypt's target 7 GW wind generation capacity by 2022

List of country news

Country news

  • January 23, 2018

    Masdar, Elsewedy Electric and Marubeni to develop 800 MW wind project in Egypt

    Abu Dhabi-based Masdar, Egyptian energy technology developer Elsewedy Electric and Marubeni Corporation have signed an agreement to develop an 800 MW wind project in Egypt. The estimated investment required has not been disclosed.

    Read more
  • January 16, 2018

    ACWA Power achieves financial close for 165.5 MWp of solar in Egypt

    ACWA Power has reached financial close of the three solar photovoltaic projects, located in the south of Egypt, with an aggregate capacity of 165.5MWp. The total cost of the projects is US$190 million.

    Read more
  • December 27, 2017

    $400 million 250 MW wind project in Egypt reaches financial close

    The consortium proposing to build a 250 MW wind farm in Ras Ghareb, Egypt have achieved financial close for the project. The estimated value of the wind farm is US$400 million.

    Read more
  • December 13, 2017

    Tender for 600 MW solar projects released in Egypt

    Egypt's Ministry of Electricity and Renewable Energy and the Egyptian Electricity Transmission Company (EETC) have released a tender for 600 MW of solar photovoltaic (PV) capacity.

    Read more
  • November 09, 2017

    EREN, Access announce fin close on 126 MWp in Egypt

    EREN Renewable Energy (EREN RE) and Access Power have announced the successful financial close of two solar PV plants with a total capacity of 126 MWp located in the Benban complex marking their official entry into the Egyptian renewable market.

    Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.