Toyota Tsusho to Participate in Second Wind Power IPP Project in Egypt
- Contributing to the further expansion of renewable energy in the country -
- Machinery, Energy & Project
This is the second wind power project for the Toyota Tsusho Group in Egypt.
Electricity demand in Egypt is expected to grow steadily, and the construction of new power plants and expansion of existing sites are taking place to meet the strong demand for electricity. In addition, the adoption of renewable energy is being promoted in order to balance the ratio of power sources, which has previously been heavily dominated by thermal energy. According to current plans, 42% of total power is planned to be generated from renewable energy sources by 2035.
The Toyota Tsusho Group's electricity business in Egypt has been contributing to the expansion of renewable energy in the country by participating in power plant and substation construction projects since the 1990s. Also, in 2017, Toyota Tsusho invested in Ras Ghareb Wind Energy SAE, the country's first wind IPP project (262.5 MW, commercial operation started in 2019).
2. Project Overview
In this project, the four companies, Toyota Tsusho, Eurus Energy, Engie SA (France), and a construction company, Orascom Construction PLC (Egypt), will promote the project through a joint venture company, Red Sea Wind Energy SAE.
The power plant will be located in the Gulf of El Zayt along the banks of the Gulf of Suez, which has good wind conditions throughout the year and is where Ras Ghareb Wind Energy's wind power plant is also located. The construction of the power plant is scheduled to start in March 2023, followed by the launch of commercial operation in August 2025, and the plant will be operated for 25 years thereafter.
Toyota Tsusho will continue to contribute to the expansion of renewable energy and the economic development in Egypt through the development of this project in cooperation with Eurus Energy.
Planned Construction Site for the Power Plant
Operating company name
|Red Sea Wind Energy SAE
|Arab Republic of Egypt
|Generation and sale of wind power
|Toyota Tsusho Group 40% (Toyota Tsusho 20%; Eurus Energy 20%)
Engie SA 35%
Orascom Construction SAE 25%
Power generation capacity
|Approx. 500 MW (6 MW ｘ 84 stations)
|Egyptian Electricity Transmission Company
|Total project cost
|Approx. USD 660 million (approx. 86 billion yen)
|Japan Bank for International Cooperation (JBIC), Nippon Export and Investment Insurance (NEXI), Sumitomo Mitsui Banking Corporation, Norinchukin Bank, Societe Generale (France), European Bank for Reconstruction and Development
|Start of commercial operation
|Scheduled for August 2025
The information in this release is current as of the date of announcement.
Please note that information may change after the date of announcement. Thank you in advance for your understanding.