Renewables: A wind of change blows through Egypt with the largest wind farm in construction
The Ras Ghareb wind farm will lead the trend of renewable projects in Egypt
Expected to be completed at the end of 2019, the Ras Ghareb wind project will have 125 Siemens-Gamesa wind turbines installed on the Gulf of Suez in eastern Egypt. With a total capacity of 250 megawatts, it is the largest wind farm to be launched in the country to date, bringing strong economic and environmental benefits over the long term.
Once the wind farm starts commercial operations, it will generate electricity with the capability to power around 500,000 households, with minimal greenhouse gases and no toxic pollution. It sits at the core of Egypt’s strategy to diversify away from fossil fuels, increase consumer access to affordable electricity and ensure a long-term, independent energy supply.
The project has been developed by ENGIE (40%), Toyota-Tsusho (40%) and Orascom (20%), who together cumulate strong industrial, commercial and local expertise. This success reflects Egypt’s renewed attractiveness for international investors as well as close and enduring cooperation between the Egyptian and Japanese governments at the highest level.
The launch of the Ras Ghareb wind farm is very positive news for Egypt’s efforts to develop renewable power sources and secure long-term, sustainable energy supply. Societe Generale’s support throughout the whole process has been key to make this happen.
Senior Vice President, Business Development – ENGIE
Societe Generale has backed the project from the outset as Mandated Lead Arranger and has been leading the financing with no less than nine (9) roles, including Hedge Coordinator and Documentation Bank. The bank’s involvement in this Positive Impact Finance transaction, mobilizing its broad product offer and expert teams, is yet another proof of its commitment to play its part in the energy transition.
The financing of the Ras Ghareb wind farm is the result of fruitful international cooperation in support of the energy transition. It sets the new standard in Egypt, with many more renewable projects to come in the country and in the region.
Deputy Head of Power, EMEA, Société Générale