Egyptian Electricity Authority
Ras Ghareb, Egypt
Ras Ghareb Wind Farm is Egypt's first renewable energy IPP project of its type and size in Egypt. The 262.5 MW project is developed on a build-own-operate (BOO) basis under a 20-year Power Purchase Agreement.
Orascom Construction was the EPC contractor for the civil works and electrical systems, and owns a 20% stake in the project.
This project highlights Orascom Construction’s ability to combine fast-track construction, the highest levels of HSE, financing expertise, and collaboration with world class partners and international financial institutions.
Construction and commissioning was complete 45 days ahead of schedule despite a challenging contractual construction period of 24 months. As the project’s construction contractor, Orascom Construction completed all 125 wind turbine foundations 73 days ahead of schedule and energized the substation 31 days ahead of schedule. These milestones enabled the partial start of commercial operation for a portion of the wind farm since June 2019. Furthermore, Orascom Construction completed over 3.5 million man hours without Lost Time Injury (LTI) on the project.
The consortium arranged non-recourse project financing from The Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation and Société Générale under a Nippon Export and Investment Insurance (NEXI) cover. Commercial International Bank (CIB) Egypt is acting as working capital bank and Attijariwafa Bank provided an equity bridge loan to Orascom Construction.