Orascom consortium to develop 500MW Build-Own-Operate Wind Farm in Egypt
Orascom Construction will have a 25% stake in the project and will execute the construction of the wind farm.
Orascom Construction will have a 25% stake in the project and will execute the construction of the wind farm, the contracting giant stated in a stock market missive.
The project is subject to financial close, after which the wind farm will be implemented in 30 months.
This new 500MW wind farm triples Orascom Construction’s wind energy capacity to over 750MW and builds on the consortium’s success in developing Ras Ghareb Wind Farm, Egypt’s first renewable energy Independent Power Producer (IPP) project of its kind and size.
The 262.5MW wind farm was completed two months ahead of schedule in October 2019 and has been operational since.
Osama Bishai, CEO of Orascom Construction, commented, “We are collaborating once again with our long-term partners, Toyota Tsusho/Eurus Energy Holdings Corporation and ENGIE, to build another wind farm for our repeat client, EETC. We are proud to continue to deliver another project that will contribute to Egypt’s sustainable energy development. This project also underscores our strategy to continue pursuing infrastructure investments that create new construction opportunities coupled with long-term recurring income.”