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.
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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.
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(END) Dow Jones Newswires
October 31, 2017 08:35 ET (12:35 GMT)