OC, Engie, Toyota Tsusho consortium reaches financial close on USD 400 mn wind farm
A consortium of Orascom Construction, Engie, and Toyota Tsusho Corporation has reached financial close on a USD 400 mn 250 MW wind farm in Gabal El Zeit tendered under a build-own-operate framework. Shalakany Law Firm acted as local counsel for Japan Bank for International Corporation, Nippon Export and Investment Insurance and commercial lenders SMBC and Societe Generale who provided funding for the project, the firm said in a statement (pdf).
Gabel El Zeit will also be the site of a 220 MW wind farm by Spanish wind turbine manufacturer Gamesa. The project is one of three renewables projects with a combined capacity of 380 MW it plans to complete in 1Q2018, sources from the New and Renewable Energy Authority said, Al Borsa reports. Gamesa also plans increase the production capacity of its other wind farm in Gabal El Zeit to 240 MW, from 200 MW currently.