Latest news with #RedSeaWindEnergy
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
Reuters
01-07-2025
- Business
- Reuters
Engie targets speedy renewables growth in Mideast, North Africa
PARIS, July 1 (Reuters) - French utility Engie ( opens new tab has completed Africa's largest wind farm four months early, it said on Tuesday, as it targets the Middle East and North Africa as a priority region for future renewables growth. The 650 megawatt (MW) Red Sea Wind Energy project in Egypt project can power more than a million households annually, at a time when electricity shortages have forced the country to spend billions buying liquefied natural gas, turning it into a net gas importer for the first time last year. "This renewable energy is cheaper than burning gas or other fossil energy, because the price is lower, so it clearly allows for burning less gas and for the country to either import less gas or export more," François Xavier Boul, Engie's managing director for the Middle East and Africa, told Reuters. As permitting remains sluggish in Europe and U.S. offshore wind leases have been frozen under President Trump, Engie now hopes projects in the Middle East and North Africa can help it meet its 2030 target of reaching 95 GW of installed renewable capacity, up from around 51 GW today. Boul said rising economic development, an expected increase in power consumption, administrative fast-tracking and short project lead times has led Engie to prioritize tenders to build in Egypt, Morocco, the United Arab Emirates and Saudi Arabia. Red Sea Wind Energy is Engie's second wind project in Egypt, with a third site in development that will exceed 900 MW when built. Last year Engie signed a preliminary deal with Morocco's phosphates and fertilizer giant OCP to explore renewable energy, ammonia and green hydrogen projects beginning in 2026. Boul said in the short and medium-term, Engie's focus in the Middle East and North Africa region were on solar, wind, battery and hybrid projects. Red Sea Wind Energy is owned by Engie (35%), Orascom Construction PLC (25%), Toyota Tsusho Corporation (20%) and Eurus Energy Holdings Corporation (20%).
