Orascom set to develop 250MW wind farm
Orascom Construction, the Egypt-based engineering company, is leading a consortium to build and operate a 250MW wind farm.
The team, made up of French renewable energy company, ENGIE, and Toyota Tsusho-owned Eurus Energy, will be building the site in Egypt.
The signed power purchase agreement ensures that Orascom will supply power to the state from the project that will take two years to build, but should last for 20 years.
The farm will cost around $400mn to build with the Japan Bank for International Corporation (JBIC), Sumitomo Mitsui Banking Corporation, and Société Générale will be financing the wind project.
Nippon Export and Investment Insurance, a body owned by the Japanese government, has provided export credit guarantees.
The Egyptian company will be responsible for the construction within the 24-month contract, leaving them with 20% stake in the consortium.
The financial close of the project is expected to find conclusion by the end of 2017.
“This project underscores our strategy to pursue investments in the infrastructure sector that create new construction opportunities and long-term value for shareholders, and expands our growing presence in the power market to the renewable energy sector,” stated the CEO of Nasdaq Dubai-lised Orascom Construction, Osama Bishai.
Toyota unveils electric van and Volvo opens fuel cell lab
Toyota is launching its first zero emission battery electric vehicle, the Proace Electric medium-duty panel van, across Europe.
The model, which offers a choice of 50 or 75kWh lithium-ion batteries with range of up to 205 miles, is being rolled out in the UK, Denmark, Finland, France, Germany, Italy, Spain and Sweden.
At present, alternative fuel vehicles (AFVs, including battery electric vehicles) account for only a fraction – around 1.8 per cent – of new light commercial van sales in the UK, but a number of factors are accelerating demand for practical alternatives to vans with conventional internal combustion engines.
Low and zero emission zones are coming into force to reduce local pollution and improve air quality in urban centres, at the same time as rapid growth in ecommerce is generating more day-to-day delivery traffic.
Meanwhile the opening of Volvo's first dedicated fuel cell test lab in Volvo Group, marks a significant milestone in the manufacturer’s ambition to be fossil-free by 2040.
Fuel cells work by combining hydrogen with oxygen, with the resulting chemical reaction producing electricity. The process is completely emission-free, with water vapour being the only by-product.
Toni Hagelberg, Head of Sustainable Power at Volvo CE, says fuel cell technology is a key enabler of sustainable solutions for heavier construction machines, and this investment provides another vital tool in its work to reach targets.
"The lab will also serve Volvo Group globally, as it’s the first to offer this kind of advanced testing," he said.
The Fuel Cell Test Lab is a demonstration of the same dedication to hydrogen fuel cell technology, as the recent launch of cell centric, a joint venture by Volvo Group and Daimler Truck to accelerate the development, production and commercialization of fuel cell solutions within long-haul trucking and beyond. Both form a key part of the Group’s overall ambition to be 100% fossil free by 2040.