An Orascom Construction (ORAS) consortium including Orascom Construction, Japan’s Toyota Tsusho Corporation/Eurus Energy Holding, & France’s ENGIE signed an agreement with the Egyptian Electricity Transmission Company to develop, construct & operate an electricity production plant in Ras Ghareb, Egypt.
Who is affected🤷: A statement filed to the EGX stated that Orascom Construction owns a 25% stake in the project & will carry out the construction work, which is expected to be completed within 30 months after the completion of financial procedures.
Why is this important🤔: The project follows the coalition’s success in developing a wind power plant in Ras Ghareb in October 2019, and the first independent renewable energy project in Egypt of its type and size.
