A consortium including Orascom Construction, Toyota Tsusho Corporation, and Engie will build the biggest wind farm in Egypt after signing an agreement to launch the project this week.
Egyptian construction giant Orascom, Japan's Toyota Tsusho Corporation, and French electricity heavyweight Engie will develop a 500MW wind farm in Ras Ghareb, northern Egypt, under a build-own-operate (BOO) model.
It will eclipse what was set to become the largest renewable energy wind project of its kind in Egypt – a 250MW BOO renewable energy farm located in the northernmost part of Egypt's Ras Ghareb that the consortium had already starting building and which Orascom retains a 20% ownership stake in.
The agreement also also signed by Egyptian Electricity Transmission Company (EETC) who is the project's "off-taker", and New & Renewable Energy Authority (NREA), the land owner.
With ink on the agreement now dry, work will now turn toward ensuring all of the pre-construction paperwork and planning is completed no later than Q4 2019.
Orascom said its agreement to build another wind farm in Egypt affired the construction firms "tangible steps to pursue investments in the infrastructure sector that create new construction opportunities" that generate long-term market value.
The deal will also compliment the under-construction 250 MW wind farm that the consortium is already building in Ras Ghareb. This project is already ahead of schedule and could be commissioned in the second half of next year.
News of the wind facing racing ahead of schedule came just days after Orascom confirmed it completed a fast-track revamp of Dubai-based Emaar’s Al Alamein Hotel in Egypt in less than eight months.
Its $83.4m refurbishment helped to transform Emaar's Al Alamein Hotel in Egypt by reinvigorating its 1960s retro-modern design to celebrate the country's golden age of music and cinema.