Table of Contents
Key Points
- Orascom Construction’s consortium extended its Power Purchase Agreement with EETC, boosting the Red Sea Wind Energy Project’s capacity to 650 MW.
- The expanded wind farm will power over 1 million Egyptian homes by 2025, contributing significantly to the country’s clean energy goals.
- Orascom’s Red Sea Wind Project will reduce Egypt’s carbon footprint by 1.3 million tons annually, enhancing its green energy transition.
Orascom Construction, controlled by Egypt's wealthiest family, the Sawiris family, has secured an extension to its Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) through a consortium.
This agreement boosts the Red Sea Wind Energy Project's capacity by 150 MW, increasing the Ras Ghareb wind farm's total output to 650 MW.
Orascom-led consortium to power over 1 million homes by 2025
Led by the Egyptian construction giant in partnership with French and Japanese companies, the project is expected to generate enough clean energy to power over 1 million homes as the expansion of a wind power project in Egypt is progressing rapidly, aligning with the country's broader goal of diversifying its energy sources and reducing carbon emissions.
The wind farm's first phase is set to be operational by Dec. 2024, ahead of schedule. The entire project, now expanded to include 912.5 MW of capacity, will be fully connected to the grid by Q3 2025. This significant contribution to Egypt's renewable energy portfolio will help reduce the nation's carbon footprint by approximately 1.3 million tons annually.
Strengthening Egypt’s green future
Founded by the late Egyptian businessman Onsi Sawiris in 1976, Orascom Construction remains a family-controlled enterprise, with the Sawiris family holding a 51.8 percent stake through OS Private Trust Company. Nassef Sawiris, Egypt's wealthiest individual, personally owns an additional 28.97 percent.
As a multinational engineering and construction leader, Orascom operates across the Middle East, Africa, and the U.S., positioning itself for sustained growth. Amid Egypt's escalating energy demands, Orascom is spearheading the country's green energy transition through strategic renewable projects.
Notably, its Red Sea Wind Energy Project, developed in collaboration with ENGIE and Toyota Tsusho, showcases the company's commitment to global standards and cutting-edge technology.
