- Africa
November 19, 2024
Toyota Tsusho Corporation (hereinafter referred to as Toyota Tsusho) is currently advancing the construction of the Gulf of Suez Wind Farm II (Gulf of Suez Wind Farm II, with a capacity of 504MW) in the Arab Republic of Egypt (hereinafter referred to as Egypt) in collaboration with Eurus Energy Holdings Corporation (hereinafter referred to as Eurus Energy), which is involved in the wind power business as a group company.
In line with the Egyptian government's goal of achieving a renewable energy generation ratio of 42% of total power sources by 2030, we have decided to respond to the government's policy by changing the plan to a 654MW wind power plant and adding 150MW.
As a result, the Gulf of Suez Wind Farm II will become the largest wind power plant in Africa by capacity, and in this expansion, 20 units of wind generators, each with a capacity of 7.5MW, which are among the largest in the world for onshore wind, will be installed.
The power plant is located in the Gulf of El Zayt area along the Gulf of Suez, and the project is being promoted by four companies: Toyota Tsusho, Eurus Energy, the French independent power producer Engie S.A., and the Egyptian construction company Orascom Construction PLC. Construction started in March 2023, and after the commercial operation starts in August 2025 (planned), including the expansion, there are plans to sell electricity to the Egyptian Electricity Transmission Company for 25 years.
In this area, the Gulf of Suez Wind Farm I (Gulf of Suez Wind Farm I, with a capacity of 262.5MW, commenced commercial operation in October 2019) is already in operation, making Gulf of Suez Wind Farm II the second wind power plant constructed and operated by the Toyota Tsusho Group in Africa. After completion, both plants will operate a total of 916.5MW of wind power, contributing to the expansion of renewable energy sources and economic development in Egypt.
Business Overview
Power Plant Name | Gulf of Suez Wind Power Plant I (Gulf of Suez Wind Farm I) | Gulf of Suez Wind Power Plant II (Gulf of Suez Wind Farm II) |
|---|---|---|
Name of the business company | Ras Ghareb Wind Energy Company (Ras Ghareb Wind Energy SAE) | Red Sea Wind Energy Company (Red Sea Wind Energy SAE) |
Location | Arab Republic of Egypt, Gulf of Suez area | |
Business Overview | Wind power generation and electricity sales business | |
Investment ratio | Toyota Tsusho Group 40% (Toyota Tsusho 30%, Eurus Energy 10%) Engie 40% Orascom Construction 20% | Toyota Tsusho Group 40% (Toyota Tsusho 20%, Eurus Energy 20%) Engie 35% Orascom Construction Company 25% |
Equipment capacity | 262.5MW (2.1MW x 125 units) | 654MW Conventional planned part: 504MW (6MW x 84 units) Expansion part: 150MW (7.5MW x 20 units) |
Electricity sales destination | Egyptian Electricity Transmission Company | |
Total project cost | Approximately 0.4 billion US dollars | Approximately 0.7 billion 90 million US dollars (Including 0.1 billion 30 million US dollars for the expansion) |
Financing banking consortium | Japan Bank for International Cooperation Nippon Export and Investment Insurance Mitsui Sumitomo Bank, Ltd. Société Générale Bank (France) | Japan Bank for International Cooperation Nippon Export and Investment Insurance Mitsui Sumitomo Bank, Ltd. Norinchukin Bank Société Générale Bank (France) European Bank for Reconstruction and Development |
Start date of commercial operation | October 2019 | August 2025 (planned) |
The most important issue for balancing the solution of social issues and the growth of the company in this matter.
The most important challenge is to balance solving social issues and the company's growth.
・Announcement on December 6, 2019: Completion ceremony held for Egypt's first wind power IPP project.
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・Announcement on March 6, 2023: Participation in the second wind power IPP project in egypt.
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The information posted in the release is current as of the date of announcement. Please note that it may be subject to change after the date of announcement.
Please note that there may be changes after the date of announcement. Thank you for your understanding.
