Gulf of Suez 2 Wind Farm

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The project entails the development of a 500MW wind farm located on the shores of the Gulf of Suez, 40km North-West of Ras Ghareb in Egypt. The special purpose company procuring the project is Red Sea Wind Energy S.A.E. and the sponsors consortium includes ENGIE (35%), Orascom Construction (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%). The project is being implemented under a Build-Own-Operate (BOO) contract signed on 14 October, 2021. The electricity generated will be sold to the state-owned Egyptian Electricity Transmission Company (EETC) under a 25-year power purchase agreement (PPA). The total value of the project is $669.4 million and the sponsors signed a $510 million debt package on 6 March 2023. Japan Bank for International Cooperation provided $240 million and the EBRD and the Green Climate Fund also arranged $50 million each. Nippon Export Investment Insurance (NEXI) provided a 21-year $163 million insurance on the commercial bank tranche, which was arranged by Norinchukin, SMBC, Societe Generale and HSBC Bank Egypt (acting as working capital bank and onshore security agent). Once fully operational, the wind farm will be capable of delivering clean power to more than 800,000 Egyptian homes. The sponsors together with the Egyptian Ministry of Electricity and Renewable Energy held, on Monday the 31st of October, 2022, a groundbreaking ceremony for the project. Financial close was achieved on 4 April, 2023. Realfin https://www.ebrd.com/news/2023/ebrd-and-gcf-to-support-largest-wind-farm-in-africa.html https://www.jbic.go.jp/en/information/press/press-2022/0306-017395.html https://www.cliffordchance.com/news/news/2023/04/clifford-chance-advises-on-engie-led-consortium-500mw-red-sea-wi.html https://engiemiddleeast.com/press-releases/500-mw-gulf-of-suez-2-wind-farm-project-achieves-a-major-milestone-in-egypt/ https://www.nexi.go.jp/en/topics/newsrelease/2023021701.html https://www.evwind.es/2023/04/05/financial-closing-agreement-to-establish-wind-farm-in-gulf-of-suez/91158 http://www.rswe.co/about-us/ https://engiemiddleeast.com/press-releases/500-mw-gulf-of-suez-2-egypt-wind-farm-project-breaks-ground/ https://orascom.com/updates/orascom-construction-consortium-to-develop-a-500-mw-build-own-operate-wind-farm-in-egypt/ https://www.ebrd.com/work-with-us/projects/psd/51509.html https://www.afrik21.africa/en/egypt-engie-and-its-partners-start-work-on-a-500-mw-wind-farm-in-ras-ghareb/