Orascom set to develop 250MW wind farm

By Sophie Chapman
Orascom Construction, the Egypt-based engineering company, is leading a consortium to build and operate a 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.

SEE ALSO:

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.

Share

Featured Articles

Honeywell debunks hydrogen energy and its global challenges

Maya Gomez, Director of Green H2 CCM at Honeywell, uncovers the different types of hydrogen and the challenges of applying them for more sustainable energy

ABB Motion & WindESCo partner to strengthen wind energy

ABB Motion invests in WindESCo to sustain wind turbine performance, in a renewable energy drive that will help ABB in its net zero ambitions

Shell Energy UK and Germany acquired by Octopus Energy

Octopus delivers industry leading service whilst investing in clean energy systems — we will deliver this to the new customers too, says CEO Greg Jackson

Sustainability LIVE links to energy and electrification

Sustainability

Green energy: A hot topic at Sustainability LIVE 2023

Sustainability

Sustainability LIVE London sells out on 2023 conference

Sustainability