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A consortium led by Orascom Construction has signed a deal to develop, build and operate a 250 megawatt (MW) wind farm project in its home market of Egypt.
The contractor's consortium with French energy firm Engie and Toyota Tsusho-owned Eurus Energy has signed a power purchase agreement with the Egyptian Electricity Company to supply power to the state for 20 years, the company said in a press release on Tuesday.
The wind farm will cost approximately $400 million to build and is being financed by the Japan Bank for International Corporation (JBIC), alongside Sumitomo Mitsui Banking Corporation and Société Générale. Export credit guarantees have been provided by the Japanese government-owned body Nippon Export and Investment Insurance.
Orascom Construction will be responsible for building the farm under a 24-month contract and will have a 20 percent stake in the consortium. Financial close for the project is expected to be achieved by the end of the year, the press releases said.
Osama Bishai, CEO of Nasdaq Dubai-lised Orascom Construction, was quoted as saying: “This project underscores our strategy to pursue investments in the infrastructure sector that create new construction opportunities and long-term value for shareholders, and expands our growing presence in the power market to the renewable energy sector."
In September, the company announced that its 50:50 joint venture with Spain's FCC Aquila had won a public-private partnership deal to develop and operate a $320 million wastewater treatment plant. The Abu Rawash plant will have a capacity of 1.6 million cubic metres and will serve six million customers. The same partners also developed the New Cairo Wastewater plant, which was Egypt's first PPP project when completed in 2013.
© ZAWYA 2017
The contractor's consortium with French energy firm Engie and Toyota Tsusho-owned Eurus Energy has signed a power purchase agreement with the Egyptian Electricity Company to supply power to the state for 20 years, the company said in a press release on Tuesday.
The wind farm will cost approximately $400 million to build and is being financed by the Japan Bank for International Corporation (JBIC), alongside Sumitomo Mitsui Banking Corporation and Société Générale. Export credit guarantees have been provided by the Japanese government-owned body Nippon Export and Investment Insurance.
Orascom Construction will be responsible for building the farm under a 24-month contract and will have a 20 percent stake in the consortium. Financial close for the project is expected to be achieved by the end of the year, the press releases said.
Osama Bishai, CEO of Nasdaq Dubai-lised Orascom Construction, was quoted as saying: “This project underscores our strategy to pursue investments in the infrastructure sector that create new construction opportunities and long-term value for shareholders, and expands our growing presence in the power market to the renewable energy sector."
In September, the company announced that its 50:50 joint venture with Spain's FCC Aquila had won a public-private partnership deal to develop and operate a $320 million wastewater treatment plant. The Abu Rawash plant will have a capacity of 1.6 million cubic metres and will serve six million customers. The same partners also developed the New Cairo Wastewater plant, which was Egypt's first PPP project when completed in 2013.
© ZAWYA 2017
