Orascom Signs Deal to Build 500 Megawatt Wind Farm in Ras Ghareb
Orascom Construction will be responsible for building the new 500 megawatt wind farm in Ras Ghareb, which will operate over the next 20 years as Egypt's first sustainable Independent Power Producer.
Egypt’s Orascom Construction’s consortium with Toyota Tsusho Corporation (Japan) and ENGIE (France) has partnered with Egyptian Electricity Transmission Company (EETC) to develop a 500 megawatt wind farm in Ras Ghareb, which it will operate for the next 20 years. The Ras Ghareb Wind Farm will be Egypt’s first renewable energy Independent Power Producer (IPP).
As part of the agreement, Orascom Construction will be responsible for building the wind farm, taking a 25% stake in the project, effectively tripling the company’s wind energy capacity to more than 750 megawatts.
As part of Egypt’s Vision 2030, the country has been orienting its national strategy towards a greener, more environmentally-friendly economy with sustainable energy at the core of this transition. By 2022, Egypt plans for renewable energy to generate 20% of its electricity, with ambitions to increase this figure to 42% by 2035.
Numerous projects are being implemented across the country to meet this target including the 500 megawatt Gulf of Suez II wind farm.
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