Engie, Orascom, Toyota Tsusho ink 500-MW wind power deal in Egypt

Egypt-based Orascom Construction plc (EGX:ORAS), Japan’s Toyota Tsusho Corp (TYO: 8015) with its group company Eurus Energy and French energy giant Engie (EPA:ENGI) have struck a deal to build a 500-MW wind farm in Egypt.

The project will be realised under the build-own-operate model under an agreement with the Egyptian Electricity Transmission Company (EETC). The pact will see the consortium develop, construct and operate the wind park for 20 years, Orascom said on Thursday.

The Cairo-based construction group will hold a 25% interest in the scheme and will take care of installing the capacity. The power plant will be located in Ras Ghareb, in the Red Sea governorate.

Financial close on the project is yet to be taken. Its execution is expected to take 30 months.

Orascom Construction noted that the latest deal will triple its wind power capacity to over 750 MW.

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