Arab Finance: Orascom Construction PLC (ORAS) has signed a power purchase agreement (PPA), in consortium with Aeolus and ENGIE, with the Egyptian Electricity Transmission Company (EETC) to develop a 900-megawatt (MW) wind farm near Ras Shokeir in the Gulf of Suez, Egypt, as per an emailed press release.
The project will be developed under a 25-year build-own-operate (BOO) model by a consortium comprising Orascom Construction, with a share of 25%, Aeolus, an African renewable energy independent power producer platform of Toyota Tsusho Corporation, at 40%, and ENGIE at 35%.
As part of its role, Orascom Construction will execute all civil and electrical works for the balance of plant, in addition to supplying certain local components.
The project is expected to reach financial close by the third quarter (Q3) of 2026.
This is the consortium’s third wind farm, following two operational BOO wind projects with a combined capacity of 912.5 MW, both completed ahead of schedule.
Once completed, the project will increase Orascom Construction’s wind power capacity to 1.8 gigawatts (GW) and expand the group’s concessions portfolio, which includes renewable energy, water, and logistics projects across Egypt, the United Arab Emirates, and Saudi Arabia.
