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Orascom Construction is targeting financial close on a new 900 megawatt build-own-operate (BOO) wind farm in the Gulf of Suez, Egypt, by the early third quarter of 2026, the company said in its first quarter 2026 financial results.
The company is dual-listed on the Egyptian and Abu Dhabi stock exchanges.
The 25-year project will increase Orascom’s total wind power capacity to 1.8 gigawatt, building on its existing operational capacity of 912.5 MW across two wind farms.
In addition, the Dammam Independent Sewage Treatment Plant (Dammam ISTP) in Saudi Arabia is now operational, while Engineering, Procurement, and Construction (EPC) activities are progressing at Project Wave in Abu Dhabi.
The large-scale 30-year seawater treatment and water supply build-own-operate-transfer (BOOT) project in Abu Dhabi.
The company received total distributions of $3.7 million from its operational concessions in the first quarter, the statement said.
Consolidated backlog, excluding BESIX, its Belgium-based subsidiary, increased 7.5 percent year-on-year (YoY) to $9.38 billion as of 31 March 2026. Consolidated new awards increased 14.9 percent YoY to $1,88 billion.
Backlog in the Middle East and Africa decreased 11.6 percent YoY and increased 5.7 percent quarter-on-quarter to $6.48 billion as of 31 March 2026. The company signed new awards of $1.15 billion, led by infrastructure projects in the UAE, Saudi Arabia and Egypt.
Revenue rose 73.2 percent YoY to $1.47 billion, while net profit attributable to shareholders increased 112.7 percent YoY to $53.4 million in the first quarter.
(Writing by P Deol; Editing by Anoop Menon)
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