The project company, Ras Ghareb Wind Energy SAE is owned by ENGIE (40 percent) and its consortium partners Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (40 percent) and Orascom Construction (20 percent).
The wind farm is located near Ras Ghareb on the Gulf of Suez, an optimal site with about 60 percent of gross capacity factor. The energy is sold under a 20-year PPA to the Egyptian Electricity Transmission Company. The project also entered into a 15 year service agreement with Siemens Gamesa Renewable Energy. The total investment cost of the project is approximately $380 million
Ras Ghareb Wind Energy is the first wind farm tendered on a Build-Own-Operate (BOO) scheme and is part of the Egyptian government’s drive to increase the share of renewables in the energy mix with a target wind generation capacity of 7 GW by 2022.
Yoven Moorooven, CEO of ENGIE Africa commented , “There is a huge potential for low-cost renewable energy in Africa. We are honored that the Egyptian authorities have selected the ENGIE consortium to be part of their strategic energy plan.”
The consortium arranged non-recourse project financing from The Japan Bank for International Corporation in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover. Commercial International Bank Egypt is acting as working capital bank and Attijariwafa Bank provided an equity bridge loan for Orascom Construction.
The consortium is now preparing the next wind project of 500 MW.
