Engie Wins $400 Million Wind-Power Contract in Egypt

By Nathan AllenFeaturesDow Jones Newswires

French energy company Engie SA (ENGI.FR) said Tuesday that it has won a contract to build, own and operate a $400 million wind farm in Egypt as part of a consortium with Toyota Tsusho Corp. (8015.TO) and Orascom Construction Ltd. (ORAS.CI).

The wind farm will be located on the Gulf of Suez and will have a generation capacity of 250 megawatts, Engie said, adding that it expects construction to start at the end of the year and take around 24 months to complete.

Continue Reading Below

The energy will be sold to the Egyptian Electricity Transmission Company under a 20-year contract, Engie said.

"For our group it is an opportunity to scale up our presence in a strategic country with a long-term contracted asset guaranteed by the government," said Engie Africa Chief Executive Bruno Bensasson.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

October 31, 2017 08:35 ET (12:35 GMT)