Cairo – Mubasher: Orascom Construction recently unveiled the start of commercial operations of the first 306 megawatts (MW) phase of the Ras Ghareb wind farm, according to a company disclosure.
Meanwhile, construction of the remaining capacity will be gradually connected to the national grid by the third quarter (Q3) of 2025, making this renewables project the largest wind farm in the Middle East and Africa.
The first phase is part of the newly expanded 650 MW Build-Own-Operate (BOO) Ras Ghareb wind farm in Egypt, which is developed by the Red Sea Wind Energy, a consortium comprising ENGIE with a share of 35% and Orascom Construction with 25%, while Toyota Tsusho Corporation and Eurus Energy Holdings Corporation each hold a 20% share.
The commercial operations of the project’s first phase took place four months ahead of schedule while surpassing the contractual target by 56 MW.
The project will supply clean energy to more than 1 million homes and reduce carbon emissions by nearly 1.30 million tonnes annually.
During the first nine months (9M) of 2024, Orascom Construction posted consolidated net profits of $96 million, down from $150.80 million in 9M-23. The revenue dropped to $2.31 billion from $2.36 billion.
In Q3-24, the net profits grew to $25.30 million from $17.90 million in Q3-23, with revenue rising to $842.50 million from $801.70 million year-on-year (YoY).
