Eurus Energy Participates in Its Third Wind Power IPP Project in Egypt with 900 MW Capacity
Eurus Energy Holdings Corporation (“Eurus Energy”) announced today that AEOLUS SAS (“AEOLUS”), a joint venture between Eurus Energy and CFAO SAS, will participate in its third wind power independent power producer (“IPP”) project (“the Project”) in the Arab Republic of Egypt (“Egypt”).
The Project involves the construction, ownership and operation of the 900 MW Gulf of Suez Wind Farm III in the Gulf of El Zayt area along the Gulf of Suez. The Project will be undertaken through Shokeir Wind Energy S.A.E. (“Shokeir Wind Energy”), a local project company jointly owned by AEOLUS, France-based independent power producer ENGIE S.A. (“ENGIE”) and Egyptian construction and development company Orascom Construction PLC (“Orascom Construction”).
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. It 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.
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.
The Egyptian government has set a target of increasing the share of renewable energy to 42% of total power generation by 2030. Through the expansion of renewable energy generation in Egypt, the Eurus Energy Group will contribute to the achievement of the government’s goal and the country’s economic development.
The Eurus Energy Group 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.
Outline of the Project
| Project name | Gulf of Suez Wind Farm III |
|---|---|
| Operating company name | Shokeir Wind Energy S.A.E. |
| Location | Gulf of El Zayt, Arab Republic of Egypt |
Business description | Wind power generation and sale of electricity |
| Investment ratio | AEOLUS SAS: 40%; ENGIE S.A.: 35%; Orascom Construction PLC: 25% |
| Grid connection capacity | 900 MW (10.5 MW × 86) |
| Electricity purchaser | Egyptian Electricity Transmission Company |
| Financing institutions | Japan Bank for International Cooperation (JBIC), Proparco, FMO, Société Générale, Crédit Agricole CIB and KfW IPEX-Bank |
Start of commercial operation | Planned for September 2028 |
Overview of AEOLUS
| Company name | AEOLUS SAS |
|---|---|
| Establishment | March 13, 2024 |
| Location | French Republic |
| Representative | President and Managing Director Hideharu Toba |
| Business activities | Renewable energy business |
| Investment ratio | CFAO 50%, Eurus Energy 50% |