{"id":584685,"date":"2023-04-04T00:00:00","date_gmt":"2023-04-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/gulf-of-suez-wind-farm-reaches-financial-close\/"},"modified":"2023-04-04T00:00:00","modified_gmt":"2023-04-04T00:00:00","slug":"gulf-of-suez-wind-farm-reaches-financial-close","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/gulf-of-suez-wind-farm-reaches-financial-close\/","title":{"rendered":"Gulf of Suez wind farm reaches financial close"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">The 500-MW Gulf of Suez wind farm has reached financial close<\/span><span style=\"\">, the project <\/span><span style=\"\">developers said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/4\/Orascom-Engie-Toyota-Eurus_wind-farm-Ras-Ghareb_EN_122.pdf\" style=\"\">a joint statement (pdf)<\/a><\/span><span style=\"\"> yesterday. The consortium \u2014 which includes Orascom Construction, France\u2019s Engie, and Japan\u2019s Toyota Tsusho and Eurus Energy \u2014 is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b4074868-f6de-4007-9798-a9bdee7c80fa\" style=\"\">developing<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b4074868-f6de-4007-9798-a9bdee7c80fa\" style=\"\">the project<\/a><\/span><span> under a build-own-operate framework and has a <\/span><span style=\"font-weight:400;\">25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC).<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Where the money\u2019s coming from:<\/span><span> The Red Sea Wind Energy consortium has <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b4074868-f6de-4007-9798-a9bdee7c80fa\" style=\"\">obtained a<\/a><\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/b4074868-f6de-4007-9798-a9bdee7c80fa\" style=\"\">USD 501 mn syndicated loan<\/a><\/span><span> from a number of Japanese and European banks. <\/span><span>The <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.jbic.go.jp\/en\/\" style=\"\">Japan Bank for International Cooperation<\/a><\/span><span> (JIBC)<\/span><span> is providing up to USD 240 mn of the loan, while the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Societe Generale are providing the rest of the funding. Nippon Export and Investment Ins. will provide the guaran<\/span><span>tee.<\/span><span> Our friends at <\/span><span>HSBC Egypt are acting as working capital bank and onshore security agent. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Who owns what:<\/span><span> Both Toyota and Eurus hold 40%, while Engie owns 35%, and OC holds the <\/span><span style=\"font-weight:400;\">remaining 25% stake. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">T-minus two years:<\/span><span>The project is set to be connected to the electricity grid over two phases <\/span><span>with full commercial operation scheduled for 3Q 2025, according to the statement. Situated at Ras Ghareb, the project will be able to supply renewable energy to over 800k homes. <\/span><span>The consortium <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2021\/10\/OC-Consortium-to-Develop-a-500-MW-Build-Own-Operate-Wind-Farm-in-Egypt.pdf\" style=\"\">signed the agreement (pdf)<\/a><\/span><span> for the project in October 2021 and broke ground ahead <\/span><span style=\"font-weight:400;\">of COP27 in November.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Project expected to come online in 3Q 2025<\/p>\n","protected":false},"author":1,"featured_media":584686,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[93,6330,72,6958,6959,6960,363,151,6961,2263],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-584685","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-energy","tag-engie","tag-enterpriseam","tag-eurus-energy","tag-nippon-export-and-investment-insurance","tag-norinchukin-bank","tag-orascom-construction","tag-renewables","tag-societe-generale","tag-toyota-tsusho","wpautop","entry"],"acf":{"mongo_id":"cb00b86f-4ae5-481f-acaa-548cf1bebd96","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/4\/116.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Egypt Red Sea wind farm reaches financial close","related_issue":[584674],"teaser":"Project expected to come online in 3Q 2025","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/4\/.7460dba7-bfe1-4a4a-be48-1f06d8c4492d.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gulf of Suez wind farm reaches financial close - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/04\/04\/gulf-of-suez-wind-farm-reaches-financial-close\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gulf of Suez wind farm reaches financial close\" \/>\n<meta property=\"og:description\" content=\"Project 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Monday","rel":"","context":"In &quot;Also on our Radar&quot;","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/4\/278.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":658458,"url":"https:\/\/enterpriseam.com\/egypt\/2025\/01\/12\/orascom-construction-engie-toyota-tsusho-and-eurus-energy-kick-off-commercial-operations-at-ras-ghareb-wind-farm\/","url_meta":{"origin":584685,"position":1},"title":"Orascom Construction, Engie, Toyota Tsusho, and Eurus Energy kick off commercial operations at Ras Ghareb wind farm","author":"enterpriseam admin","date":"12 January 2025","format":false,"excerpt":"The 650 MW wind farm is set to reduce carbon emissions by 1.3 mn tons annually","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/534.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":627095,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/07\/19\/eetc-inks-contracts-for-500-mw-gulf-of-suez-wind-farm-with-orascom-construction-engie-toyota-tsusho\/","url_meta":{"origin":584685,"position":2},"title":"EETC inks contracts for 500 MW Gulf of Suez wind farm with Orascom Construction, Engie, Toyota Tsusho","author":"enterpriseam admin","date":"19 July 2018","format":false,"excerpt":"Gov\u2019t inks contract with OC-led consortium for USD 650 mn, 500 MW Gulf of Suez wind farm: The Egyptian Electricity Transmission Company (EETC) signed a USD 650 mn agreement with a consortium comprised of Orascom Construction (OC), Engie, and Toyota Tsusho Corporation to build a 500 MW wind farm in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":573515,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/09\/ebrd-to-provide-long-term-loan-to-egypt-for-large-wind-plant-in-gulf-of-suez\/","url_meta":{"origin":584685,"position":3},"title":"EBRD to provide long-term loan to Egypt for large wind plant in Gulf of Suez","author":"enterpriseam admin","date":"9 August 2020","format":false,"excerpt":"The EBRD has approved a USD 50 mn long-term loan to help finance a USD 560 mn, 500 MW wind power plant in the Gulf of Suez. The plant, which will be located approximately 40 km northwest of Ras Ghareb, will be one of the largest privately-built wind plants in\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":634101,"url":"https:\/\/enterpriseam.com\/egypt\/2018\/01\/04\/siemens-gamesa-to-supply-wind-turbines-for-ras-ghareb\/","url_meta":{"origin":584685,"position":4},"title":"Siemens Gamesa to supply wind turbines for Ras Ghareb","author":"enterpriseam admin","date":"4 January 2018","format":false,"excerpt":"Siemens Gamesa Renewable Energy will supply turbines producing 262.5 MW to Ras Ghareb Wind Energy\u2019s Gulf of Suez wind farm, Renews reports. The agreement \u201ccovers supply and commissioning of 125 G97-2.1 MW machines, as well as maintenance for 15 years once the project is operational.\u201d The project\u2019s installation is set\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636022,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/19\/orascom-construction-consortium-reached-financial-close-for-250-mw-boo-wind-farm\/","url_meta":{"origin":584685,"position":5},"title":"Orascom Construction consortium reached financial close for 250 MW BOO wind farm","author":"enterpriseam admin","date":"19 December 2017","format":false,"excerpt":"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 \u201cnon-recourse project financing is provided by The Japan Bank\u2026","rel":"","context":"In &quot;Speed Round&quot;","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584685","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=584685"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/584685\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/584674"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/584686"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=584685"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=584685"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=584685"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=584685"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=584685"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}