Egypt advances 900 MW Gulf of Suez wind park following financial close

AEOLUS, a joint venture between Eurus Energy and CFAO SAS, has announced the financial close of the Gulf of Suez wind park III project in Egypt, which is expected to add 900 MW of wind power capacity to the country's electricity grid (Eurus Energy press release, 12/11/2026). 

The wind park will be built in the Gulf of El Zayt, along the Gulf of Suez, contributing to Egypt's efforts to expand its renewable energy capacity. The project will be developed by Shokeir Wind Energy, a joint venture in which AEOLUS holds a 40% stake, ENGIE owns 35%, and Orascom Construction holds the remaining 25%.

According to the project schedule, commissioning of the first 300 MW is expected to start in January 2028, with the entire facility scheduled to reach full commercial operation by September 2028. Electricity generated by the project will be sold to the Egyptian Electricity Transmission Company (EETC) under a 25-year power purchase agreement (PPA).

“Through AEOLUS, the Eurus Energy Group is currently involved in two wind power projects in Egypt, Gulf of Suez wind park I and Gulf of Suez wind park II, with a combined capacity of 912.5 MW. Upon completion of Gulf of Suez wind park III, the three wind parks will have a combined capacity of 1,812.5 MW”, Eurus Energy stated in its press release.

The announcement follows the recent disclosure by the European Bank for Reconstruction and Development (EBRD) and German development finance institution DEG of a joint financing package worth up to USD 127m for the construction of a solar power plant coupled with a battery energy storage system at the Benban complex in Aswan. The project will comprise a 258.5 MWp solar PV plant combined with a 120 MWh battery storage system, making it one of the first solar facilities in Egypt to incorporate battery storage.

Egypt has recently made progress on several wind energy projects, all expected to be commissioned in late 2028

• In late October, the government granted golden licences to Shadwan Wind Power and Shokeir Wind Energy for two 900 MW wind projects in the Red Sea Governorate and the Gulf of Suez, respectively, representing a combined capacity of 1.8 GW (KEI, 02/11/2026).
• Earlier in November, Alcazar Energy Partners (AEP) reached financial close on the Niat and Rasgha wind projects, each with a capacity of 250 MW, bringing their combined capacity to 500 MW. Both projects are located in Ras Ghareb (KEI, 12/11/2026).

The Egyptian government has set a target of raising the share of renewable energy to 42% of total electricity generation by 2030. As of the end of 2025, the country had an electricity capacity of over 64 GW, 81% of which is from gas, 5% from wind, 4% from solar, 4% from hydro, and 6% from oil (Enerdata Global Energy Research).