November 4 (Renewables Now) - The Ras Ghareb onshore wind farm, with 262.5 MW of installed capacity in the Gulf of Suez, Egypt, has been grid-connected and commissioned, its co-owner Engie SA (EPA:ENGI) informed on Monday.
The French power utility said the facility reached commercial operation date (COD) six weeks ahead of schedule, and the multinational consortium behind it is now preparing for their next project -- a 500-MW wind farm in Egypt.
Ras Ghareb is owned by the project company Ras Ghareb Wind Energy SAE, made up of Engie with a 40% stake, Japanese power companies Toyota Tsusho Corp (TYO:8015) and Eurus Energy Holdings Corp, sharing another 40%, and Egyptian firm Orascom Construction (EGX:ORAS), holding the remaining 20%.
It took a total investment of USD 380 million (EUR 340.5m) to get the wind farm from the ground up, Engie said. It uses Siemens Gamesa turbines . The revenue stream is secured through a 20-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC).
(USD 1.0 = EUR 0.896)