Orascom Construction has announces that its consortium with ENGIE (France) and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (Japan) has reached Financial Close for the recently-announced 250MW build-own-operate (BOO) wind farm in Ras Ghareb, Egypt.
Orascom Construction has a 20% ownership stake in the project. Non-recourse project financing is provided by The Japan Bank for International Corporation in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover. Commercial International Bank Egypt will act as working capital bank and Attijariwafa Bank will provide an equity bridge loan. Once construction is complete, the consortium will operate and maintain the wind farm under a 20-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company.
