Engie-led consortium targets financial close on Egypt wind farm by early Q3

French energy utility Engie SA (EPA:ENGI), Egyptian engineering and construction group Orascom Construction Plc (NASDAQ:ORAS), African renewable energy platform Aeolus expect to reach financial close on the 900MW Ras Shokeir wind project in Egypt by early Q3 2026, after signing a power purchase agreement with the Egyptian Electricity Transmission Company.

The project will be developed near Ras Shokeir in the Gulf of Suez under a 25-year build-own-operate model, led by Engie, holding 35%, Aeolus (a unit of Toyota Tsusho) 40% and Orascom 25%. Orascom will also carry out the balance-of-plant civil and electrical works and supply selected local components.

Construction is due to begin in 2026, with full commissioning targeted for 2028. Once completed, the wind farm will become Engie’s largest onshore wind project globally and one of the biggest wind farms in Africa.

The PPA gives the scheme long-term revenue visibility through Egypt’s state transmission company, a key step in moving the project towards financing and final investment commitments.

Egypt has been accelerating renewable procurement as it targets renewables accounting for 42% of its electricity mix by 2030, up from earlier longer-dated targets, with the Gulf of Suez remaining the centrepiece of its wind build-out.