Eurus Energy Holdings Corporation announced that AEOLUS SAS, a joint venture between Eurus Energy and CFAO SAS, will participate in its third wind power independent power producer project in the Arab Republic of Egypt.

The project involves the construction, ownership, and operation of the 900 MW Gulf of Suez Wind Farm III, which will be located in the Gulf of El Zayt area along the Gulf of Suez.

Project Details

The project will be undertaken through Shokeir Wind Energy S.A.E., a local project company jointly owned by AEOLUS, France-based independent power producer ENGIE S.A., and Egyptian construction and development company Orascom Construction PLC.

Under the ownership structure of the project company, AEOLUS SAS holds 40 percent, ENGIE holds 35 percent, and Orascom Construction holds 25 percent. The grid connection capacity is 900 MW, composed of 10.5 MW turbines installed 86 times.

Schedule and Power Sales

Commissioning of the first 300 MW is scheduled to begin in January 2028, followed by the phased commencement of commercial operation, with full commercial operation planned for September 2028. The generated electricity will be sold to the Egyptian Electricity Transmission Company under a 25-year power purchase agreement.

The project is expected to generate electricity equivalent to the annual power consumption of approximately 2.2 million Egyptian households and reduce CO₂ emissions by approximately 1.5 million tons per year.

Financing Arrangements

Financing for the project is provided by the Japan Bank for International Cooperation (JBIC), Proparco, FMO, Société Générale, Crédit Agricole CIB, and KfW IPEX-Bank.

Financing provided by commercial financial institutions will be covered by insurance from Nippon Export and Investment Insurance (NEXI).

Expansion of Eurus Energy's Egypt Portfolio

Through AEOLUS, the Eurus Energy Group is currently involved in two wind power projects in Egypt, Gulf of Suez Wind Farm I and Gulf of Suez Wind Farm II, with a combined capacity of 912.5 MW. Upon completion of Gulf of Suez Wind Farm III, the three wind farms will have a combined capacity of 1,812.5 MW.

AEOLUS SAS was established on March 13, 2024, and is located in the French Republic, with Hideharu Toba serving as President and Managing Director. The joint venture is owned equally, with CFAO holding 50 percent and Eurus Energy holding 50 percent. Its business activities center on the renewable energy business.

Egypt's Renewable Energy Goals

The Egyptian government has set a target of increasing the share of renewable energy to 42 percent of total power generation by 2030.

Through the expansion of renewable energy generation in Egypt, the Eurus Energy Group stated it will contribute to the achievement of the government's goal and the country's economic development.

The company said it will contribute to the spread of clean and low-cost renewable energy in Africa through AEOLUS and continue its efforts to further expand wind and solar power generation, thereby helping to conserve the global environment and create a sustainable society.

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