Orascom Construction announced that the 250-megawatt wind farm at Ras Ghareb, the second-largest city in Red Sea Governorate, has successfully managed to deliver power to the grid, Invest-Gate reports.
The project was executed on a build-own-operate (BOO) basis under a 20-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). Orascom Construction, which has a 20% stake in the project, carried out the construction of the wind farm.
Earlier in 2017, the Egypt-based developer had revealed that its consortium with the French energy group utility ENGIE and the Japanese independent power providers Toyota Tsusho Corporation and Eurus Energy Holdings Corporation has signed a contract to develop, construct, and operate the wind farm.
In July 2018, Orascom-led consortium between ENGIE, Toyota Tsusho Corporation, and Eurus Energy Holdings Corporation signed an agreement to jointly commence development work on a new 500-megawatt BOO wind farm in Ras Ghareb.
The deal was signed between the developer consortium, along with EETC as the off-taker and the New and Renewable Energy Authority (NREA) as the landowner.