The consortium of Orascom Construction, Toyota Tsusho, Eurus Energy Holdings, and Engie has started the construction of the 500 MW wind farm located in Ras Gharib on the Gulf of Suez in Egypt.
The project will be developed on a Build-Own-Operate (BOO) scheme. The total investment in the project amounted to US$400 million. The financing scheme for the wind farm was provided by the Japanese Bank for International Corporation (JBIC) in coordination with commercial lenders SMBC and Sociéte Générale, Japanese Export Credit Agency, and NEXI supplying insurance cover for the commercial lenders.
Once operational, the project will provide clean energy to the Egyptian Electricity Transmission Company (EETC) under a 20-year power purchase agreement (PPA).
