Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that it has jointly signed along with ENGIE (France) and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (Japan) an agreement to officially commence development work on a new 500 MW build-own-operate (BOO) wind farm in Ras Ghareb, Egypt.
The agreement was signed between the developer consortium and the Egyptian Electricity Transmission Company (EETC) as the off-taker and the New & Renewable Energy Authority (NREA) as the land owner.
With this milestone in place, the required steps and documentation leading to the start of construction, including financial close, are expected to be complete by Q3/Q4 2019. This complements the consortium’s existing 250 MW BOO wind farm, which is currently under construction ahead of schedule and is expected to be commissioned in the second half of 2019.
Furthermore, this new 500 MW project eclipses the existing 250 MW BOO wind farm as the largest renewable energy project of its type and size in Egypt, and affirms Orascom Construction’s tangible steps to pursue investments in the infrastructure sector that create new construction opportunities with long-term shareholder value.