Latest news with #GulfOfSuez
Yahoo
04-07-2025
- Business
- Yahoo
Gulf of Suez Wind Farm II in Egypt begins operations
The 650MW Gulf of Suez Wind Farm II in Egypt has commenced commercial operations and will provide enough clean electricity for 1.1 million households. The wind farm is operated by Red Sea Wind Energy, which is owned by Eurus Energy (20%), Toyota Tsusho (20%), Engie (35%) and Orascom Construction (25%). Construction began in March 2023 and was completed in June 2025. It is situated in the Gulf of El Zayt near the 262.5MW Gulf of Suez Wind Farm I, which commenced commercial operation in October 2019. The Gulf of Suez Wind Farm II has 84 wind turbines with a capacity of 6MW each and the 20 largest-class onshore wind turbines with a capacity of 7.5MW each. The Egyptian Electricity Transmission Company will buy the electricity generated under a 25-year power purchase agreement. The Gulf of Suez Wind Farm II was funded via a financial package led by the Japan Bank for International Cooperation, in partnership with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, Société Générale (France) and the European Bank for Reconstruction and Development, with insurance provided by Nippon Export and Investment Insurance. Both wind farms support the Egyptian government's policy to increase the portion of renewable energy generation to 42% of total power sources by 2030. Egypt has built energy interconnectors as part of its plan to become an energy hub. The government of Egypt invested $1.5bn in the distribution grid between 2017 and 2020. Egypt had an electricity capacity of more than 59GW by the end of 2024, of which renewables accounted for 11%. "Gulf of Suez Wind Farm II in Egypt begins operations" was originally created and published by Power Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
03-07-2025
- Business
- Zawya
BII backs Egypt's transition into renewable energy hub via $300mln agreements
Arab Finance: British International Investment (BII), the UK's development finance institution and impact investor, signed agreements at a combined value exceeding $300 million to support two renewable energy projects in Egypt, according to an emailed press release. These projects are the 1.1-GW Gulf of Suez Wind Farm and a 1-GW integrated solar and battery storage project with Scatec. The deals come as part of BII's investment plan to boost Egypt's energy transition and build climate-resilient infrastructure that stimulates growth in North African countries. The Gulf of Suez Wind Farm marks Africa's largest onshore wind development, with total investments of $1.05 billion. It is expected to generate over 4,300 gigawatt-hour (GWh) annually, helping to eliminate 2.2 million tons of CO? emissions yearly. BII's $190 million investment comes within a broader $707 million in long-term debt financing with a consortium of development finance institutions (DFIs). The consortium includes the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Investment and Development Company (DEG), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The project builds on Egypt's Nexus of Water, Food & Energy (NWFE) program and will create over 10,000 jobs, placing it in the top 30% of BII's power portfolio in terms of employment-to-cost ratio. Additionally, BII inked a contract to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $475.6 million project, which represents 80% of the total capital cost, will deliver 1 GW of solar PV capacity and 200 MWh of battery storage. BII will provide a $100 million concessional loan and a $15 million grant to cut the cost of the BESS component and make the project more viable, attracting private investment and setting a model for future deals. Sherine Shohdy, Head of Egypt Office and Coverage Director, BII, commented: "Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs. Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy." Egypt is a key partner for BII, with an updated portfolio size of more than $708 million, reflecting an ongoing commitment to the region's climate agenda. © 2020-2023 Arab Finance For Information Technology. All Rights Reserved. Provided by SyndiGate Media Inc. (
Zawya
03-07-2025
- Business
- Zawya
BII signs $300mln deals to accelerate Egypt's green projects
Cairo - British International Investment (BII) has penned more agreements with a total value exceeding $300 million to support two major renewable energy projects in Egypt. These projects are a 1.10 gigawatt (GW) Gulf of Suez Wind Farm and a 1.10 GW integrated solar and battery storage project with Scatec, according to a press release. The financing comes as part of BII's investment plan to boost Egypt's energy transition and build climate-resilient infrastructure that drives growth in North African countries. Valued at $1.20 billion, the Gulf of Suez Wind Farm project marks Africa's largest onshore wind development, and it is expected to generate 4,500 gigawatt-hour (GWh) annually. This will contribute to eliminating 2.50 million metric tons of CO₂ emissions on a yearly basis. BII's $190 million investment forms part of a broader $704 million in debt financing, with a consortium of development finance institutions (DFIs). The European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), the German Investment and Development Company (DEG), the OPEC Fund for International Development, and the Arab Energy Fund participated in the transaction. The project comes within the framework of Egypt's Nexus of Water, Food & Energy (NWFE) program and will create over 10,000 power-enabled jobs. Moreover, BII signed an agreement to co-finance Egypt's first integrated solar photovoltaic (PV) and battery energy storage system (BESS), in partnership with Scatec, AfDB, and EBRD. The $479.10 million project accounts for 80% of the total capital cost, producing 1.10 GW of solar PV capacity and 200 MWh of battery storage. BII is securing a $100 million concessional loan and a $15 million grant to lower the cost of the BESS component, attracting private investment and developing a model for future deals. The projects align with BII's North Africa climate strategy to enhance climate resilience for future generations. Sherine Shohdy, Head of Egypt Office and Coverage Director of BII, added: 'Through our capital partnerships, we are proud to deliver new infrastructure that will provide affordable and reliable, low-carbon power and unlock thousands of green jobs.' 'Our goal is to deliver impact at scale, supporting Egypt's renewable energy ambitions and the resilience of its wider economy,' Shohdy added. Being a key partner for BII, Egypt has a portfolio size of over $708 million, reflecting its commitment to supporting the region's climate agenda.
Free Malaysia Today
03-07-2025
- General
- Free Malaysia Today
4 dead after vessel capsizes in Suez Gulf, 3 still missing
The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal. (EPA Images pic) CAIRO : At least four people died when a vessel capsized while being towed in the Gulf of Suez, one of Egypt's prominent Red Sea oil production sites, the vessel operator's Saudi Arabian owner, ADES Holding Company, said today. The incident occurred around 130 nautical miles from the southern entrance of the Suez Canal and has not disrupted navigation along the trade route, the Suez Canal authority chairman Osama Rabie said in a statement. Egypt's petroleum ministry yesterday said oil and gas producer Offshore Shukheir Oil Co (Osoco) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea. The vessel is a jackup barge unit named Admarine 12 owned by a subsidiary of offshore drilling service provider ADES. It was carrying 30 personnel, 23 of whom were rescued, ADES said in disclosure to the Saudi Exchange. The petroleum ministry earlier misidentified the vessel as Adam Marine 12. Three ADES personnel and one contractor were killed, and rescuers are searching for the remaining three, ADES said. The vessel was operating in a concession where ADES and Osoco have partnered to drill wells. The vessel and personnel are comprehensively insured and at this stage there is no material impact on finances or guidance for the fiscal year 2025, ADES said. 'The company is working closely with local authorities and emergency services, with the safety and well-being of all personnel remaining its highest priority. A full and thorough investigation into the incident will be conducted,' ADES said.
Times of Oman
03-07-2025
- General
- Times of Oman
Ship capsizes in Gulf of Suez, at least 4 dead
A ship capsize in the Gulf of Suez has left at least four people dead with another four still missing, authorities in Egypt said on Wednesday. This was confirmed in reports citing the vessel operator's Saudi Arabian owner, ADES Holding Company, although according to them only three were believed to be missing. Search and rescue teams recover 4 bodies AP news agency cited Egypt's Red Sea province governor Amr Hanafy as saying that there were 30 workers on board the vessel when it capsized. Hanafy said rescue teams recovered the bodies of four people but also managed to pluck 22 people to safety, who were then taken to hospital. Vessels from Egypt's navy assisted in search and rescue efforts. The circumstances surrounding the capsize remain unclear, but local media reported it was being tugged for excavations in another area when it overturned. Egypt's petroleum ministry on Tuesday said oil and gas producer Offshore Shukheir Oil Co (OSOCO) reported the incident as occurring near Egypt's Gabal El-Zeit area along the Red Sea, Maritime traffic not impacted The Suez Canal Authoritiy said in a statement that the incident involved the Admarine 12 oil-drilling ship and took place 130 nautical miles from the southern entrance of the Suez Canal. The authority said that navigation in the important shipping route had not been impacted. ADES said that three of its personnel and one contractor were killed, and rescuers were searching for the remaining three, ADES said. "The company is working closely with local authorities and emergency services, with the safety and well-being of all personnel remaining its highest priority. A full and thorough investigation into the incident will be conducted," ADES said.
