18 December, 2017
Orascom Construction Limited (NASDAQ Dubai: OC; EGX: ORAS) announces that its consortium with ENGIE (France) and Toyota Tsusho Corporation/Eurus Energy Holdings Corporation (Japan) has reached Financial Close for the recently-announced 250 MW build-own-operate (BOO) wind farm in Ras Ghareb, Egypt. Orascom Construction has a 20% ownership stake in the project.
Non-recourse project financing is provided by 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 will act as working capital bank and Attijariwafa Bank will provide an equity bridge loan.
This milestone highlights the Group’s significant progress in developing the first renewable energy project of its kind and size in Egypt. Once construction is complete, the consortium will operate and maintain the wind farm under a 20-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company.