Skip to content Skip to Search
Skip navigation

Egypt closes $680m funding for 500MW wind farm 

Unsplash.com
Bash and Dzhankeldy will be the largest utility-scale wind power development in the Central West Asia region

The Red Sea Wind Energy consortium has signed a financial closing agreement worth $680 million to establish a wind farm in the Gulf of Suez with a capacity of 500mw.

The project will be funded by the Japan Cooperation Bank and the European Bank for Reconstruction and Development, Egypt Today newspaper reported, citing an Egyptian cabinet statement.

Egyptian minister of electricity and renewable energy, Mohamed Shaker, said the project will be one of Egypt and Africa’s largest wind energy projects.

He stated that the role of Red Sea Wind Energy will be to operate and maintain the wind farm under a 25-year power purchase agreement with the Egyptian Electricity Transmission Company.

“The plant is scheduled to be connected to the national grid in two phases, with full commercial operation planned during the third quarter of 2025,” he added.

The ministry has launched several initiatives to promote and encourage investment in power generation from renewable energy through the private sector.

“A large number of investors from the foreign and local private sectors applied to establish new projects, and among these investments is the wind farm project in the Ras Ghareb area in the Gulf of Suez,” Shaker said.

Red Sea Wind Energy Company chairman Khaled El-Degwi said that they will build, own and operate the wind farm, the report said.

The consortium includes France’s Engie with a 35 percent stake, Egypt’s Orascom Construction (25 percent), Japan’s Toyota Tsusho Corporation (20 percent) and Eurus Energy Holdings Corporation (20 percent).

Orascom Construction will carry out the civil and electrical works for the wind farm, El-Degwi stated.

“This will be the third private wind farm in Egypt. It is expected to be the largest in Africa, which will help reduce carbon dioxide emissions by about one million tons annually,” he said.

Latest articles

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]

Visitors admire the House of the Blackheads in Riga, which Eagle Properties hope will be 'the new centre of Europe'

Abu Dhabi developer spots opportunity in Latvia

Abu Dhabi developer Eagle Hills Properties announced a €3 billion ($3.25 billion) investment in the Latvian capital city of Riga, as the UAE continues its investment drive into Europe. Eagle Hills’ Riga Waterfront, which was unveiled on Thursday, will ultimately encompass 8,000 luxury homes for 30,000 residents on a redeveloped site along 5 kilometres at […]

Passengers at Muscat International Airport. Oman plans for it to be joined by six more locations

Oman plans 6 new airports in tourism push

The majority of Oman’s six new airports are expected to be operational by 2028 and 2029, as part of the government’s initiative to promote tourism, a senior government official has said. Work is under way on designing the new projects, which will increase the number of airports to 13, Naif Al Abri, chairman of the Civil […]