A consortium, including Orascom Construction PLC and Toyota Tsusho Corporation, has signed a 20-year agreement with the Egyptian Electricity Transmission Company (EETC) to develop and operate a 500 MW wind farm in Ras Ghareb in Egypt.
The consortium also includes Eurus Energy Holdings Corporation from Japan and ENGIE from France, according to a press release on Thursday.
To implement the construction of the wind farm, Orascom Construction will hold a 25% stake in the project, subject to financial close.
To be constructed in 30 months, the new wind farm triples Orascom Construction’s wind energy capacity to more than 750 MW.
This agreement came following the consortium’s success in developing 262.5 MW Ras Ghareb Wind Farm, Egypt’s first renewable energy Independent Power Producer (IPP) project of its kind and size.
The wind farm was delivered two months ahead of schedule in October 2019 and has been operational since.
The CEO of Orascom Construction, Osama Bishai, said: “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.”
Bishai commented: “This project also underscores our strategy to continue pursuing infrastructure investments that create new construction opportunities coupled with long-term recurring income.”