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Wednesday, 7 March 2018

EETC inks contracts for USD 400 mn Gulf of Suez wind farm

EETC inks contracts for USD 400 mn Gulf of Suez wind farm: The Egyptian Electricity Transmission Company (EETC) signed contracts yesterday for the 250 MW Gulf of Suez wind farm being developed by a consortium of Orascom Construction, Engie, and Toyota Tsusho Corporation, according to a Cabinet statement. The USD 400 mn will be established under a build-own-operate framework. Trial operations should begin by mid-2019 and the project should be fully online by the end of the same year. The consortium had announced in December last year that it has reached financial close on the project, which is being funded by the Japan Bank for International Corporation, Nippon Export and Investment Insurance, and commercial lenders SMBC and Societe Generale. Shalakany law firm is acting as local legal counsel for the financiers.

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