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ENGIE-led JV to develop $400mn wind project in Egypt
2017/11/04
November 02, 2017
ENGIE has signed a contract to build, own and operate (BOO) a 250 MW wind farm in Egypt along with partners Toyota Tsusho Corporation/Eurus Energy Holdings Corp (40%) and Orascom Construction (20%).
 
The project will be located in Rhas Gharib on the Gulf of Suez, an optimal site with more than 60% of gross capacity factor, the French energy firm said in a statement.
 
Output from the plant will be sold under a 20-year Power Purchase Agreement (PPA) to the Egyptian Electricity Transmission Company (EETC).
 
The total investment cost of the Gulf of Suez project amounts to approximately $400mn.
 
Financing will be provided by the Japanese Bank for International Corporation (JBIC) in coordination with commercial lenders SMBC and Societe Generale. In addition, the Japanese Export Credit Agency, NEXI is providing an insurance cover for the commercial lenders.
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