ENGIE and its consortium partners have reached financial close on the 900MW Shokeir Wind Farm (Gulf of Suez Wind Farm 3) in Egypt. The project is located near Ras Shokeir in the Gulf of Suez. It will be developed by ENGIE, Aeolus and Orascom Construction under a 25-year Build-Own-Operate (BOO) arrangement. Furthermore, construction began in June 2026, with the first 300MW phase expected to enter commissioning in January 2028. Full capacity is targeted for connection by summer 2028.
Shokeir Wind Farm: Project Scope and Development
The Shokeir Wind Farm will add 900MW of renewable electricity generation capacity to Egypt’s power network. It is the consortium’s third wind energy project in the country. Once operational, it will increase the partners’ combined wind capacity in Egypt to approximately 1.8GW.
The project is being developed by a consortium comprising ENGIE, Aeolus and Orascom Construction. Aeolus holds a 40% stake, while ENGIE owns 35%. Orascom Construction holds the remaining 25%.
Under the project arrangement, Orascom Construction will execute the civil and electrical works for the balance of plant. It will also supply selected locally sourced components. Meanwhile, the consortium will own and operate the facility under a 25-year power purchase agreement with the Egyptian Electricity Transmission Company (EETC).
Financing and Construction Progress
The Shokeir Wind Farm project (Gulf of Suez Wind Farm 3) has secured non-recourse financing from a group of international development finance institutions and commercial banks. These include the Japan Bank for International Cooperation (JBIC), PROPARCO, FMO, Societe Generale, Credit Agricole Corporate and Investment Bank, and KfW IPEX-Bank.
In addition, Nippon Export and Investment Insurance (NEXI) provides coverage for financing from commercial lenders. KfW, Mizuho, FMO and British International Investment have also provided equity bridge financing to the consortium partners.
Construction started in June 2026. The project will connect to the grid in three phases. The first 300MW phase is expected to enter commissioning in January 2028. Subsequently, the remaining capacity will be brought online, with full 900MW operation targeted for summer 2028.
Energy Generation and Environmental Impact
Once operational, the wind farm is expected to generate enough electricity to supply more than 1.4 million Egyptian households. It is also projected to reduce carbon emissions by approximately two million tonnes annually, continuing with a green-run set by other projects such as the Gulf of Suez 1 wind farm.
Moreover, the development will expand Egypt’s wind generation capacity and support the country’s efforts to diversify its electricity supply. It will also strengthen the consortium’s position in the Gulf of Suez, an established area for large-scale wind power development.
Shokeir Wind Farm (Gulf of Suez Wind Farm 3) Project Fact Sheet
Location: Gulf of El Zayt, near Ras Shokeir, Gulf of Suez
Project type: Onshore wind power
Installed capacity: 900MW
Wind turbines: 86 units, each rated at 10.5MW
Project company: Shokeir Wind Energy S.A.E.
Development model: Build-Own-Operate (BOO)
Power purchase agreement: 25 years
Offtaker: Egyptian Electricity Transmission Company (EETC)
Construction start: June 2026
Expected commissioning: First 300MW phase in January 2028
Target full commercial operation: September 2028
Financial status: Financial close achieved in November 2026
Principal Companies Behind Gulf of Suez Wind Farm 3
Project Developer and Consortium Partner: ENGIE – 35% ownership.
Consortium Partner: Aeolus SAS – 40% ownership.
Consortium Partner and Construction Contractor: Orascom Construction – 25% ownership. Responsible for civil and electrical balance-of-plant works and selected local component supplies.
Project Company: Shokeir Wind Energy S.A.E.
Offtaker: Egyptian Electricity Transmission Company (EETC).
Financing Institutions: Japan Bank for International Cooperation (JBIC), PROPARCO, FMO, Societe Generale, Credit Agricole Corporate and Investment Bank, and KfW IPEX-Bank.
Financing Insurance: Nippon Export and Investment Insurance (NEXI).
Leave a Reply