Orascom Construction, a Cairo-based construction firm led by Egypt’s richest family and partly owned by billionaire businessman Nassef Sawiris, announced the start of construction of a new 500-MW wind farm.
In Ras Ghareb, one of Egypt’s most northern municipalities, a groundbreaking ceremony was held to officially kick off construction of the 500-MW Build-Own-Operate wind farm.
The project, which will have a nameplate capacity of 500-MW and provide power to more than 800,000 Egyptian homes, will be built in collaboration with the French company ENGIE and Japanese automotive manufacturer Toyota, as well as Egypt’s Electricity and Renewable Energy Ministry.
The wind farm project’s completion will build on the consortium’s previous success in developing Egypt’s first renewable energy Independent Power Producer project of its size, which was completed in October 2019.
The project will also help accelerate Egypt’s transition to renewable power generation and will reduce CO2 emissions by about 1,000,000 tons annually.
Orascom Construction will own an equity stake in the most recent wind farm project as an EPC contractor in charge of the project’s civil works and electrical systems, similar to the first wind farm project, which is owned by the group to the tune of 20 percent.
Orascom Construction is a multinational engineering and construction firm founded by Onsi Sawiris, a late Egyptian businessman, who died on June 29 at the age of 91.
The billionaire Sawiris family owns 51.8 percent of the Egypt-based contractor through OS Private Trust Company, while Egypt’s richest man Nassef Sawiris owns 28.97 percent through OS Private Trust Company.
The 500-MW wind farm project strengthens Orascom Construction’s position in the Middle East and Africa as a leading player in the power and renewable energy sectors, with a total power track record of 30 GW of projects completed or under construction.
