Orascom Construction Consortium kicks off commercial operations for Egypt’s 650 MW wind farm
Updated 1/9/2025 8:04:00 AM
Arab Finance: Orascom Construction PLC has announced the commencement of commercial operations for 306 MW at the expanded 650 MW 25-year build-own-operate (BOO) wind farm in Ras Ghareb, as per an emailed press release.
This achievement, delivered four months ahead of schedule, surpasses the contractual target by 56 MW.
The wind farm is being developed by Red Sea Wind Energy S.A.E., a consortium comprising ENGIE with 35%, Orascom Construction with 25%, Toyota Tsusho Corporation 20%, and Eurus Energy Holdings Corporation 20%.
Orascom Construction is also responsible for the civil and electrical works of the facility.
The consortium has reached financial close for the 150 MW expansion, which increases the project’s total capacity to 650 MW.
The same partners who financed the original 500 MW capacity are funding this new phase.
Non-recourse project financing is provided by the Japan Bank for International Corporation in coordination with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A., under Nippon Export and Investment Insurance cover, as well as the European Bank for Reconstruction and Development.
HSBC Bank Egypt S.A.E. serves as the working capital bank and Onshore Security Agent.
With the first 306 MW phase now operational, construction is progressing on the remaining capacity, which is expected to be connected to the national grid by the third quarter of 2025.
Upon completion, the project will become the largest operational wind farm in the Middle East and Africa, providing clean energy to over 1 million homes and reducing carbon emissions by approximately 1.3 million tons annually.
The project further enhances Orascom Construction and the consortium’s leadership in renewable energy, bringing their total operational wind power capacity in Egypt to 912.5 MW.
The consortium has also secured land for a 1 GW wind farm in Egypt and is conducting development activities for this new venture.
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