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The national grid just for a little greener, with 306 MW of a 650 MW wind farm in Ras Ghareb being developed by a local-international consortium of Orascom Construction, Engie, Toyota Tsusho, and Eurus Energy now online, according to a statement (pdf). The entire project is expected to be up and running and connected to the national grid by 3Q 2025.
The project is set to be the largest operational wind farm in the region once it is fully operational, according to the statement. It will reduce carbon emissions by 1.3 mn tons every year and provide power to over 1 mn homes once fully complete.
The wind farm is being developed under a 25-year build-own-operate contract by a consortium including France’s Engie — which hold a 35% stake — Orascom Construction (25%), along with Japan’s Toyota Tsusho (20%) and Eurus Energy (20%). Orascom Construction is also in charge of the project’s construction of the civil and electrical works.
We’ve been watching the project closely since the consortium broke ground on the wind project back in 2022, days before signing up to build another 3-GW wind farm.The farm was originally expected to have a capacity of 500 MW, before the consortium inked a land usufruct agreement and a PPA with the EETC and the New and Renewable Energy to add 150 MM to the farm’s capacity last September.
“The consortium has also achieved financial close for the 150 MW expansion, marking another key milestone,” according to the release. It secured non-recourse project financing from the Japan Bank for International Cooperation along with Sumitomo Mitsui Banking Corporation, Norinchukin Bank, Société Générale, and the European Bank for Reconstruction and Development. HSBC Egypt is the working capital bank and onshore security agent. The same partners helped finance the first phase of the project.
Reports of more renewables going online is welcome news for the government, who are planning to see 3-4 GW-worth of renewable energy projects go live and start feeding the national grid by next summer to fill the energy supply gap. This push is part of a broader plan to secure the country’s energy needs amid declining natural gas production and expanding electricity interconnection projects to enable exports to surrounding countries. Egypt plans to source 42% of its energy from renewables by 2030.
