December 18 (Renewables Now) - 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.
(USD 1.0 = EUR 0.848)