Egypt's Suez-facing planned 250MW windfarm has reached financial close, according to a statement by Orascom Construction, one of the facility's developers.
The project at Rhas Ghareb, on the African side of the Gulf of Suez, is being developed on the basis of a build, own and operate model by a consortium consisting of Egypt's Orascom Construction (which owns a 20 per cent stake in the project), Japan's Toyota Tsusho Corporation/Eurus Energy Holdings Corporation, and France's Engie.
[ World Bank to stop oil and gas investments funding beyond 2019 ]
Clean power will cost India in more ways than one
The Japan Bank for International Corporation (JBIC) in coordination provided non-recourse financing for the project, said Orascom, in conjunction with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover.
The consortium will operate the windfarm under a 20-year power purchase agreement with the Egyptian Electricity Transmission Company.
The project is significant for the Arab world's most populous state, which hopes to generate 20 per cent of its electricity from renewable sources by 2022 in order to meet rising power demand.