Orascom Construction Limited has announces that its consortium with ENGIE (France) and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (Japan) has signed a contract to develop, construct and operate a 250MW wind farm in Ras Ghareb, Egypt.
The project will be executed on a build-own-operate (BOO) basis under a 20-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company. Orascom Construction will have a 20% stake in the project and will execute the construction of the wind farm. The total investment cost amounts to approximately USD 400 million. The project is expected to reach financial close by the end of 2017, after which construction will commence and take place for approximately 24 months.
