Participation in Second Wind Power IPP Project in Egypt
～Contributing to the further expansion of renewable energy in Egypt～
Eurus Energy Holdings Corporation ("Eurus Energy") and Toyota Tsusho Corporation ( "Toyota Tsusho") announced today they have committed to build, own, and operate a 504MW wind power plant in the Arab Republic of Egypt ("Egypt"), where we will participate in consortium of sponsors to sell electricity as an independent power producer (IPP). This is the second wind power generation project for Eurus Energy and Toyota Tsusho in Egypt, following our Gulf of Suez Wind Farm (263MW).
Egypt’s electricity demand is expected to continue growing at a stable rate, requiring the construction of new power plants and expansion of existing sites to keep pace with the growth.
While Egypt currently relies on thermal power plants for most of its power needs, the Egyptian government has promoted the introduction of renewable energies to better balance its energy mix, with a target of increasing the ratio of power generation from renewable sources up to 42 % of the total generation by 2035.
２．Outline of the Project
Eurus Energy and Toyota Tsusho are managing the project through a joint-venture company, Red Sea Wind Energy S.A.E. (“Red Sea Wind Energy”) together with Engie S.A. (France) and construction company Orascom Construction PLC (Egypt).
The planned site of the power plant on the Gulf of El Zayt, along the coast of the Gulf of Suez, boasts excellent year-round wind conditions.
Construction is expected to begin in March 2023 and commercial operation is scheduled to start at the end of August 2025, followed by 25 years of operation.
Eurus Energy will develop this project in cooperation with Toyota Tsusho and will continue to contribute to the expansion of renewable energy sources and economic development in Egypt.
|Opening company||Red Sea Wind Energy S.A.E.|
|Location||Arab Republic of Egypt|
|Business description||Wind power generation and electricity sale|
|Investment ratio||Toyota Tsusho Group 40%
（Toyota Tsusho 20%、Eurus Energy 20%）
Engie S.A. 35%
Orascom Construction PLC 25%
|Capacity||504MW （6MW ｘ 84units）|
|Electricity purchaser||Egyptian Electricity Transmission Company|
|Total project cost||Approximately US$660 million|
|Loan association||Japan Bank for International Cooperation,
Nippon Export and Investment Insurance,
Sumitomo Mitsui Banking Corporation,
The Norinchukin Bank, Societe Generale,
European Bank for Reconstruction and Development
|Start of commercial operation||Scheduled for August 2025|
Establishment of subsidiary in Vietnam
～Eurus Energy Group’s first base in Southeast Asia～
Eurus Achieves CO2-Free Electricity Consumption at All Domestic Sites in Fiscal Year 2022.
Commencement of Replacement Construction on Eurus Kamaishi Wind Farm
Eurus Energy Joins GWO for the First Time in Japan