ENGIE Africa Consortium Kicks off Operation of Egypt’s Largest Wind Farm

As per the 20-year Power Purchase Agreement (PPA), the power generated from the Engie Africa led consortium project will be supplied to the Egyptian Electricity Transmission Company (EETC).

A consortium led by ENGIE Africa has completed the construction and commissioning of the Egypt’s largest 262.5 MW Ras Ghareb wind farm.

The wind project has been completed 45 days ahead of the schedule, is now fully connected to the grid and is ready for commercial operation at maximum capacity, the company said in a statement on Monday.

Further, ENGIE has 40 percent stake in the project company, Ras Ghareb Wind Energy SAE, along with 40 percent shareholding of its consortium partners Toyota Tsusho Corporation/Eurus Energy Holdings Corporation and 20 percent stake of Orascom Construction.

As per the 20-year Power Purchase Agreement (PPA), the power generated from the Engie Africa led consortium project will be supplied to the Egyptian Electricity Transmission Company (EETC).

In addition, the total investment cost of the project is estimated to be about USD 380 million.

Commenting on the development, ENGIE Africa, CEO, Yoven Moorooven said “there is a huge potential for low-cost renewable energy in Africa. We are honoured that the Egyptian authorities have selected the ENGIE consortium to be part of their strategic energy plan.”

Moorooven further said that “ENGIE’s clean energy solutions are based on competitiveness, reliability and safety. Ras Ghareb Wind Energy has been developed with a continuous focus on health and safety and is completely in line with ENGIE’s ambition in the zero-carbon transition. We are committed to apply the same standards with the same success for the adjacent 500 MW wind farm that is being developed by this consortium.”

Moreover, the consortium has arranged non-recourse project financing for the project from The Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover.

Meanwhile, the Ras Ghareb Wind Energy is the first wind farm tendered on a Build-Own-Operate (BOO) basis.