The Red Sea Wind Energy Consortium, a joint venture between France’s Engie (35%), Egypt’s Orascom (25%), and Japan’s Toyota Tsusho Corp and Eurus Energy Holdings (20% each), has achieved financial close on the 500 MW Gulf of Suez wind project, located near Ras Ghareb, on the Gulf of Suez in eastern Egypt.
The 500 MW capacity will be installed in two phases, which should be completed and connected to the grid in the third quarter of 2025. The wind park will be operated under a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). The project is expected to supply power to 800,000 Egyptian households. In March 2023, the Japan Bank for International Cooperation (JBIC) had signed a loan agreement of approximately US$240m with Red Sea Wind Energy for the development of the project.
Gulf of Suez is the follow up project to the 262.5-MW Ras Ghareb wind park, which was commissioned in 2019 and also developed by the Red Sea Wind Energy Consortium.
At the end of 2021, wind represented 2.7% of Egypt’s installed capacity with 1.6 GW and 2.6% of its power generation with 5.5 TWh. Egypt targets 42% of electricity production from renewables in 2035, with 25% from solar, 14% from wind, and 2% from hydropower.
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