First project of its type and size in Egypt
Clifford Chance advised the sponsors (being ENGIE, Toyota Tsusho Corporation/Eurus Energy Holdings Corporation and Orascom Construction Limited), in connection with the development and financing of the 250MW Gulf of Suez Wind Farm Project. The consortium signed the power purchase agreement with the EETC (Egyptian Electricity Transmission Company) in the presence of the Prime Minister of Egypt and other government officials.
The Project is part of the Egyptian Ministry of Electricity and Renewable Energy's push to engage private investors in the country’s energy sector, and will be built on a build, own, operate basis (BOO).
Lead Partner, Richard Parris said: "We are delighted to have advised the consortium on this Project, which is the first BOO renewable IPP in Egypt. The project is another key milestone in helping Egypt to meet its goal of generating 20% of its electricity from renewable sources by the year 2020."
Clifford Chance is also advising on the financing of the Project, and financial close is scheduled for the end of 2017.
The UAE-based Clifford Chance team also included Partner Mohamed Hamra-Krouha, Senior Associates Jennifer Riddle, Inaamul Laher and Cheuk Yin Cheung and Associates Saurabh Negi and Edesili Obetoh.
The signing underlines Clifford Chance's strength and depth of experience advising in the renewable energy sector in the Middle East and North Africa region. It comes in the same month that Clifford Chance also advised EBRD along with Islamic Development Bank (IsDB) and Islamic Corporation for the Development of the Private Sector (ICD), on the financing for six solar projects in Ben Ban, Egypt, as well as advising EBRD, the Green Climate Fund (GCF) and the Dutch Development Bank (FMO) on US$87 million of loans for two projects developed by Infinity for Solar Energy and IB Vogt. All eight projects are part of the Phase 2 FiT program in Egypt.
In the last 12 months there has been a strong upturn in the MENA region for greenfield solar and wind projects. Clifford Chance advised on many of these including: the 800MW third phase of the Mohammed Bin Rashid Al Maktoum Solar Park in Dubai (DEWA III Solar PV Project); the 200MW Baynouna PV project in Jordan; the 89MW Fujeij Wind IPP and the Al Rajef Wind IPP, both in Jordan.
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© Press Release 2017