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18 January 2018

Ras Ghareb wind farm achieves financial close, Egypt

The Ras Ghareb wind farm, located near the Gulf of Suez 20km south west of the Egyptian city of Ras Ghareb, has successfully reached financial close. Mott MacDonald is lenders’ technical advisor on the scheme and is now monitoring construction in an ongoing role.

Comprising 125 G97-2.1MW Gamesa wind turbines, Ras Ghareb wind farm will have a total capacity of 262.5MW. The scheme is a flagship project for Egypt as it is part of the biggest wind farms to be built on the African continent. It will also help the country achieve its target of producing 20% of its energy via renewable sources by 2022.

Mott MacDonald’s technical, environmental and social due diligence included verifying that the wind farm was planned and will be constructed in line with the international standards, as well as reviewing the risks associated with the selected technologies and construction and operation contracts. The consultancy also supported the lenders during the negotiation of the power purchase agreement with the Egyptian Electricity Holding company, Egypt’s grid operator.

Sébastien Sandmark, Mott MacDonald’s project director, said: “Our due diligence helped overcome a number of potential challenges during this project’s development, such as the very windy location of the project site which has meant that the installation of the wind turbines has had to be planned in specific seasons. Also, Ras Ghareb is located on a corridor for migratory birds, so special attention will be given to the construction activities taking place during migratory seasons.”

The Ras Ghareb wind farm is scheduled to become operational by the end of 2019.

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