The companies proposing to build a 250-MW wind farm in Egypt have reached financial close on the project, one of the developers said on Monday.
Financing for the USD-400-million (EUR 339.2m) scheme was secured from Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corp and Societe Generale (EPA:GLE). Commercial International Bank (CIB) Egypt will act as working capital bank, while Attijariwafa Bank will extend an equity bridge loan, Orascom said in a press release.
The Gulf of Suez project, to be located in Ras Ghareb municipality, in Cairo's Red Sea Governorate, has 20-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company. The companies behind the development are Egyptian firm Orascom Construction Ltd (EGX:ORAS), with a 20% stake, French utility Engie (EPA:ENGI) and Japan’s Toyota Tsusho Corp (TYO:8015), with each of them holding a 40% interest.
The Egyptian company will be responsible for all building activities related to the project. It said previously it expects the construction phase to take about 24 months.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.