Established in 2020, Red Sea Wind Energy SAE (RSWE) is dedicated to constructing and operating a greenfield wind farm, spanning a capacity of 500 MW. The wind farm, comprised of 84 wind turbines and a 33/220 kV substation, is strategically located near the Gulf of Suez, approximately 40 km Northwest of Ras Ghareb city, spread across nearly 70 km2. Capitalizing on the site's favorable wind conditions, we anticipate a capacity factor of 55%
Our journey began in 2017 as an extension of the RGWE 262.5 MW wind farm project. The Egyptian Cabinet of Ministers approved the RSWE 500 MW wind power plant project on April 11, 2018, under the "build, own, operate" scheme. This led to a Joint Development Agreement between the EETC and our consortium comprising ENGIE, Toyota Tsusho - Eurus, and Orascom Construction on December 20, 2018. The project reached financial close on March 31 2023, with the project expected to reach COD after 29 months of construction.
RSWE is a collaborative venture involving ENGIE, France (35% stake), Toyota Tsusho Corporation & Eurus Energy Holdings Corporation, Japan (collectively holding 40%), and Orascom Construction, Egypt (25%).
Please visit our partners' websites for more information:
A 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company is in place. The New and Renewable Energy Authority has granted site access through a Usufruct Agreement. Further, the project has received a Governmental Guarantee from the Ministry of Finance.
The project's financing is courtesy of the Japan Bank for International Cooperation (JBIC), European Bank for Reconstruction & Development (EBRD), Nippon Export and Investment Insurance (NEXI), Sumitomo Banking Corporation (SMBC), Société Générale and Norinchukin Bank. We're also grateful to our advisors, Tractebel (Owner's Engineer), EcoConserv (ESIA), and DNV GL (Lenders Technical Advisor).
Our project utilizes an EPCM (Engineering, Procurement, and Construction Management) approach, divided into two primary packages:
The wind turbines, supplied by Goldwind, consist of 84 GW 165-5 type turbines, each rated at 6 MW with a hub height of 97.5 m.
Orascom Construction manages the Civil Works and Electrical Systems, including turbine foundations, site buildings and control room, site roads, a network of 33kV cabling for energy collection, and an on-site substation equipped with step-up transformers for connection with the regional Suez Gulf 220kV overhead transmission line.
We have established a Long-Term Service Agreement for 10 years with an option to extend up to 25 years with Goldwind.