Cairo – Mubasher: A Orascom Construction (OC) Ltd-led consortium with foreign companies signed a contract to develop a build-own-operate (BOO) 250 megawatt (MW) wind farm at a total cost of $400 million in Ras Ghareb, Egypt.
OC on Tuesday announced that its stake in the project's investments amounts to 20%, noting that it will implement the project's construction works, according to a statement.
The consortium includes the French electric utility companyENGIE and Japan's Toyota Tsusho Corporation.
The farm, which marks the first independent power producer project in the renewable energy sector, will be executed under a 20-year Power Purchase Agreement (PPA), signed with the Egyptian Electricity Transmission Company, OC revealed.
The project is expected to be financed by the Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation and Société Générale, and covered by Nippon Export and Investment Insurance (NEXI).
Later today, the company is scheduled to sign a contract to establish a wind farm in the Gulf of Suez.
Orascom Construction’s profits in the first half of 2017 rose 21.24% to $58.8 million, compared to $48.5 million in the same period of the previous year,
The company is capitalised at EGP 116.76 million, distributed across 116.7 million shares, at a par value of EGP 1 per share.
