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ENERGY-
It’s official: The 500-MW Gulf of Suez wind farm has reached financial close after the consortium working on the project yesterday signed the final agreement with its financial backers, cabinet said in a statement. Representatives of the Red Sea Wind Energy consortium — which includes which includes Orascom Construction, France’s Engie, and Japan’s Toyota Tsusho and Eurus Energy — inked the agreement with the syndicate of Japanese and European lenders among which are the European Bank for Reconstruction and Development (EBRD) and the Japan Bank for International Cooperation (JIBC). The consortium first announced the closing on Monday.
About the project:The USD 680 mn project is slated to become Africa’s largest wind facility when it begins operating at full capacity in 3Q 2025. Situated at Ras Ghareb, the project will supply renewable energy to over 800k homes and lower carbon emissions by around 1 mn tons per year.
