Orascom Construction consortium reached financial close for 250 MW BOO wind farm

An Orascom Construction consortium with Engie and Toyota Tsusho Corporation / Eurus Energy Holdings Corp. has reached financial close for a 250 MW build-own-operate (BOO) wind farm in Ras Ghareb. Orascom Construction has a 20% stake in the project. Orascom says “non-recourse project financing is provided by The Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover. Commercial International Bank (CIB) Egypt will act as working capital bank and Attijariwafa Bank will provide an equity bridge loan.” Once construction is completed, the consortium will manage the wind farm under a 20-year power purchase agreement. Clifford Chance acted as international counsel to the consortium, with Zaki Hashem & Partners as local counsel.