Orascom Construction Launches Operations at Egypt’s Largest Wind Farm

Orascom Construction has commenced commercial operations for the first phase of the Ras Ghareb Wind Farm, delivering 306 MW of renewable energy. This milestone marks the start of Egypt's largest wind energy project, which will be fully operational by Q3 2025.

The Ras Ghareb Wind Farm, located in the Red Sea region, is a 650 MW build-own-operate (BOO) project developed by the Red Sea Wind Energy consortium. The consortium includes ENGIE (35 percent), Orascom Construction (25 percent), Toyota Tsusho Corporation, and Eurus Energy Holdings Corporation (20 percent each).

The initial phase, completed four months ahead of schedule, exceeded the contractual target by 56 MW. Once fully operational, the wind farm will supply clean energy to over one million homes and reduce carbon emissions by 1.3 million metric tonnes annually, reinforcing its status as a major renewable energy achievement for the Middle East and Africa.

Financially, Orascom Construction reported consolidated net profits of USD 96 million during the first nine months of 2024, down from USD 50.8 million in the same period of 2023. Revenue during this period also slightly declined to USD 2.31 billion from USD 2.36 billion. However, Q3-2024 saw a recovery, with net profits rising to USD 25.3 million compared to USD 17.9 million in Q3-2023 and revenue increasing to USD 842.5 million from USD 801.7 million year-on-year.

This landmark project underlines Orascom Construction’s commitment to advancing sustainable energy solutions in the region.