- The project is in the second phase of the Gulf of Suez, a 262.5-MW wind farm.
- the 500 MW wind farm will be able to provide enough electricity each year to power more than 800,000 houses in the area.
The development partnership behind the 500 MW Gulf of Suez 2 wind farm near Ras Ghareb, Egypt, declared on Monday that the project had reached financial close.
The project, which is the second phase of the Gulf of Suez, a 262.5-MW wind farm that was turned on back in 2019, was proposed by the Red Sea Wind Energy Consortium.
All civil and electrical construction associated with Gulf of Suez 2 will be performed by Egyptian company Orascom Construction, one of the project’s proponents. The installation of the capacity will take place in two stages and should be finished in the third quarter of 2025. A 25-year power purchase agreement (PPA) between the Egyptian Electricity Transmission Company and the wind farm will govern its operation (EETC).
When finished, the 500 MW wind farm will be able to provide enough electricity each year to power more than 800,000 houses in the area.
Engie of France owns a 35% investment in Red Sea Wind Energy, together with 20% each from Toyota Tsusho Corp. and Eurus Energy Holdings Corp. of Japan and a 25% share from Orascom.
Under the protection of Nippon Export and Investment Insurance (NEXI), loan financing provided by Japan Bancorp for International Corporation (JBIC), Sumitomo Mitsui Banking Corp, Norinchukin Bank, and Societe Generale would be used to realize Gulf of Suez 2. One of the project’s funders is the European Bank for Reconstruction and Development (EBRD).