ENGIE Secures a Record 900 MW Wind Contract in Egypt
ENGIE has announced the signing of a renewable electricity purchase agreement (PPA) for a 900 MW wind farm in Egypt, set to become its largest onshore wind project globally. The project, located near Ras Shokeir in the Gulf of Suez, will be developed in partnership with Orascom Construction and Aeolus.
ENGIE is developing this wind farm through a consortium comprising ENGIE (35%), Orascom Construction (25%) responsible for the civil and electrical engineering works, and Aeolus (40%), an African platform for independent renewable energy production owned by Toyota Tsusho Corporation. The project will operate under a Build, Own, Operate (BOO) contract for a duration of 25 years. The signing of the PPA secures the project's revenue. This park will be ENGIE's third wind site in Egypt and will increase the Group's wind portfolio in the country to nearly 2 GW, surpassing the Assuruá wind complex in Brazil (846 MW).
Construction Timeline and Financial Closure
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Construction will begin in 2026 with the delivery of the first wind turbines expected by the end of 2026. Financial closure of the project is anticipated before the start of the third quarter of 2026. The commissioning will be phased: an initial 300 MW will be operational by December 2027, followed by the full commissioning of the 900 MW by mid-2028. This project leverages the consortium's experience, which has already developed two operational wind parks in Egypt (Red Sea Wind Energy - 654 MW and Ras Ghareb - 262.5 MW), both delivered ahead of schedule and under budget.
SectorEnergie · Services aux collectivités · Électricité intégrée›Services multi-utilités
Context
Period
Period: 1T2026
Key reported figures
Revenue: 20,6Mds€
EBITDA: 4,7Mds€
Free cash flow: 3,0Mds€
35,2Mds€
Guidance from the release
ENGIE a réalisé un début d’année solide, marqué par une bonne performance financière.
Risks mentioned
Impact limité à date de la crise au Moyen-Orient sur nos activités.
Conditions difficiles dans la région du Moyen-Orient affectant nos actifs.
Opportunities identified
Finalisation de l’acquisition de UK Power Networks attendue.
Expansion dans les réseaux de transport électriques en Amérique latine.
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Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
