Egyptian contractor Orascom announced on 14 October that it has signed a deal with state transmission firm EETC, to develop, construct and operate (for 20 years) a 500MW wind farm in Ras Gharib on the Red Sea. Orascom will be partnered by Japan’s Toyota Tsusho and France’s Engie. Construction will take 30 months following financial close, according to the Egyptian firm.
The partners are likely to tap multilateral lenders such as the World Bank’s IFC and London-based EBRD for financing. The EBRD provided much of the financing for Egypt’s largest renewables project, the 1.48GW Benban Solar Park in southern Egypt (MEES, 1 November 2019). (CONTINUED - 216 WORDS)
