Engie, Toyota, Orasom sign $650 mln power deal with Egypt

Egypt signed on Wednesday a deal with a consortium of three firms to build a 500 megawatt wind farm, part of a plan to meet 20 percent of the country’s energy needs from renewables by 2022.

The three firms, namely Engie, Toyota Tsusho Corporation/Eurus Energy Holdings Corporation, and Orasom Construction Limited, have teamed up to build, own and operate (BOO) the wind farm in Gulf of Suez.

The wind farm is at an estimated cost of up to $650 million, set to produce 2 billion kWh a year.

The farm is expected to contribute to a fuel surplus of nearly 420,000 tonnes of oil equivalent and to reduce carbon emissions by 1.1 million tonnes, Egyptian electricity minister Mohamed Shaker told reporters after signing the deal.

Egypt aims to generate more than 37 percent of its electricity from renewables by 2035, minister Shaker added.