The Ras Ghareb wind farm in Egypt has begun generating electricity, with its initial phase delivering 306 megawatts (MW) of power. Orascom Construction confirmed that the remaining capacity of the project, which will bring the total to 650 MW, is set to connect to Egypt’s national grid by the third quarter of 2025.
The project is the largest wind energy initiative across the Middle East and Africa and operates under a Build-Own-Operate (BOO) framework. It is being developed by a consortium called Red Sea Wind Energy. The consortium includes ENGIE, which holds a 35% stake, Orascom Construction with 25%, and both Toyota Tsusho Corporation and Eurus Energy Holdings Corporation with 20% each.
The first phase was launched earlier than planned, coming online four months ahead of its deadline. Additionally, it achieved a power capacity 56 MW higher than what was initially expected. When fully completed, the wind farm will produce enough electricity to power over 1 million homes.
In terms of company performance, Orascom Construction reported consolidated net profits of $96 million in the first nine months of 2024. This was lower compared to $150.80 million during the same period in 2023. Revenue during this time decreased slightly to $2.31 billion from $2.36 billion. In the third quarter of 2024, however, profits grew to $25.30 million compared to $17.90 million in the same period in 2023. Revenue for the quarter increased to $842.50 million from $801.70 million.
In addition to Ras Ghareb, Egypt has several renewable energy projects underway. The Benban Solar Park near Aswan is one of the largest solar parks globally, with a total capacity of 1.65 gigawatts (GW). Cairo has also introduced small-scale solar energy initiatives, including rooftop solar panels in residential and commercial buildings. The Zaafarana wind farm is another large-scale project, with plans for future expansions.
