The Red Sea Wind Energy Consortium has announced the financial close, of the new 500 MW Gulf of Suez Wind Farm near Ras Ghareb, Egypt.

According to the agreement, the consortium which is majority owned by Engie with a 35% stake, has Orascom Construction (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%) as its members will be responsible for running and upkeeping the wind farm for a period of 25 years while also adhering to a power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). The wind project has the capacity to generate enough energy to power over 800,000 households and will offset 1 million tonnes in CO2 emissions every year. 

It will be built, owned and operated by Red Sea Wind Energy, while Orascom Construction will execute the construction of the civil and electrical works of the wind farm. The plant will be connected to the grid over two phases with full commercial operation planned in Q3 2025.