Developer aims to reach financial close for 500MW Egypt wind project in 2022
A consortium of France’s Engie, Japan’s Toyota Tsusho and the local Orascom Construction is aiming to achieve financial close for a 500MW independent power producer (IPP) wind power plant in the Gulf of Suez area of Egypt in the first quarter of 2022
A consortium of France’s Engie, Japan’s Toyota Tsusho and the local Orascom Construction is aiming to achieve financial close for a 500MW independent power producer (IPP) wind power plant in the Gulf of Suez area of Egypt in the first quarter of 2022.
The consortium signed the power purchase agreement (PPA) and land use agreement in October for the wind project, which will require a total investment of about $600m.
Speaking at Informa Market’s Egypt Energy event in Cairo on 2 November, Hans Bruins, construction director of the Ras Ghareb Wind Farm project, which was developed by the same consortium, said that they were hoping to secure financial close in the first quarter of next year.
“Following financial close, the construction period will be about 25-30 months,” said Bruins.
The 262.5MW Ras Ghareb wind farm project is Egypt’s largest installed wind project, and was also the first to be delivered under the independent power producer (IPP) model.
The Ras Ghareb project was commissioned in October 2019.
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