This major milestone marks another successful step in Orascom Construction’s strategy to grow its renewable energy and overall concessions portfolios, which now include 912.5 MW of wind farms and three water projects in Egypt, UAE and KSA.

This project is being developed by Red Sea Wind Energy S.A.E., a consortium comprising ENGIE (35%), Orascom Construction (25%), Toyota Tsusho Corporation (20%), and Eurus Energy Holdings Corporation (20%), under a 25-year BOO scheme.

Orascom Construction is also responsible for executing the EPC of the balance of the plant as well as all civil and electrical works, and has achieved such progress well ahead of schedule with zero lost time incidents.

This project is also a testament to Orascom Construction’s ability to combine fast-track construction, the highest levels of HSE, financing expertise, and collaboration with leading global partners and financial institutions.

The wind farm will generate clean energy for over 1 million homes, reducing carbon emissions by approximately 1.5 million tons annually and contributing to Egypt’s energy transition goals. Today’s milestone also establishes the project as the largest operational wind farm in Africa.

In addition, the consortium has already commenced evaluation and development activities for a wind farm exceeding 900 MW on a newly allocated land plot near the current project site.

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Orascom Construction and Técnicas Reunidas signed the EPC contract with Hajr Two Electricity Company, a consortium comprised of ACWA Power, Saudi Electricity Company, and Haji Abdullah Alireza & Co. Ltd. Orascom Construction and Técnicas Reunidas already received the Limited Notice to Proceed.

The total value of the EPC contract is in excess of USD 2.6 billion.

This project extends the Group’s strong capabilities as a leading player in the power sector across the region. Orascom Construction has a track record of projects completed and under construction in the Middle East and Africa with a total capacity exceeding 30 GW, including two 4.8 GW combined cycle gas-fired power plants constructed in Egypt.

Osama Bishai, CEO of Orascom Construction, commented, “We continue to deliver on our geographic diversification strategy with a particular focus on key sectors such as power and water. This project exemplifies the type of opportunities that we actively pursue where we can leverage our expertise to deliver high-quality projects and maximum value. It also builds on our success in the power sector most recently in Egypt, and we look forward to making a similar significant impact in Saudi Arabia. We are also pleased to partner with Técnicas Reunidas on this large-scale project and to extend our partnership in Saudi Arabia and the region.”

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Spanning approximately 65 feddans, this landmark project will foster innovation, enhance student experience, and further strengthen AUC’s positioning as a premier institution for education and research in the region.

The project is comprised of three key developments, namely the NextGen Student and Learning Living Spaces, the Technology, Research and Innovation (TRI) Lab Building, and the Extended Education Hub. Construction will include five state-of-the-art buildings, an underground service tunnel, and infrastructure and landscaping works.

Designed in-line with green architecture and sustainability standards, this development adds to Orascom Construction’s long track record in building advanced sustainable projects across various sectors including airports, museums, hospitals and high-profile buildings in Egypt and the USA.

Orascom Construction is pleased to be selected once again by a partner and client as a leader to deliver an important project that is integral to social and cultural development. This builds on Orascom Construction’s other iconic social infrastructure projects that elevate Egypt’s positioning on the global stage such as The Grand Egyptian Museum and The Magdi Yacoub Global Heart Center.

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The project is being developed by Red Sea Wind Energy S.A.E., a consortium comprising ENGIE (35%), Orascom Construction (25%), Toyota Tsusho Corporation (20%), and Eurus Energy Holdings Corporation (20%), under a 25-year BOO scheme. Orascom Construction is also executing the construction of the civil and electrical works of the wind farm.

The consortium has also achieved financial close for the 150 MW expansion, marking another key milestone and bringing total capacity of the project to 650 MW. This new phase is financed by the same partners who financed the original 500 MW project capacity. Non-recourse project financing is provided by the Japan Bank for International Corporation (JBIC) in coordination with Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A. under a Nippon Export and Investment Insurance (NEXI) cover, and the European Bank for Reconstruction and Development (EBRD). HSBC Bank Egypt S.A.E. is acting as working capital bank and Onshore Security Agent.

With the first 306 MW phase now operational, construction of the remaining capacity is on track to be gradually connected to the national grid by Q3 2025, making the project the largest operational wind farm in the Middle East and Africa.

The 650 MW wind farm will generate clean energy for over 1 million homes, reducing carbon emissions by approximately 1.3 million tons annually.

This project further solidifies Orascom Construction and the consortium’s leading role in the renewable energy sector, and increases the consortium’s total operational wind power capacity in Egypt to 912.5 MW. In addition, the consortium has been allocated a new land plot in Egypt for a 1 GW wind farm and is currently conducting development activities.

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In appreciation and recognition of this transformative gift from the Sawiris family, the University will name its business school the Onsi Sawiris School of Business in perpetuity. The name honors the exceptional personal and professional legacy of the late Onsi Sawiris, a titan of business in the Middle East, founder of the Orascom Group and patriarch of the family.

“With this visionary gift, AUC’s business school will continue to be at the forefront of global business education in the Middle East,” said AUC President Ahmad Dallal. “The Onsi Sawiris School of Business is another legacy of Sawiris family philanthropy that has done so much to promote education and development in Egypt for decades. Thanks to their generous support, our students will have an unparalleled, globally relevant educational experience.”

This gift is made possible through the generosity of the NNS Foundation, the Naguib Sawiris Charitable Fund, Naguib Samih Sawiris, the Sawiris Foundation for Social Development and Orascom Construction. It will provide funding for scholarships, research and a professorship in artificial intelligence/data science, combined with visiting faculty and student exchange programs with leading US universities, including the University of Chicago. The gift has an estimated value of more than $30 million.

“By supporting AUC and exchange programs with top universities in the United States, we are bringing exceptional students together to benefit from intellectually rigorous and truly global programs. Preparing future business leaders at AUC with the skills to adapt and innovate is the best way to honor our father’s work ethic, values and commitment to advancing Egypt,” said Nassef Sawiris, executive chair of OCI Global.

“Our parents instilled in us the value of education and opening doors that create opportunities for youth to excel,” said Naguib Sawiris, executive chairman of Orascom Investment Holding. “Graduates of AUC play a key role in our companies and many of them are in leadership positions. This school will build the capacity of future generations for our businesses, our communities and our country.”

“Onsi Sawiris’s legacy will remain a lasting inspiration for us to continue to invest in Egypt’s most valuable resource: its human capital,” said Naguib Samih Sawiris, chairman of Orascom Development Holding AG.

In 1947, AUC began offering its first economics courses. Today, the business school is the only Triple Crown accredited in the region, placing it in the top 1 percent of business schools in the world. “This is a landmark development in the school’s history, and we look forward to a new chapter where we continue to raise the bar as a destination for business education,” said Sherif Kamel, dean of the business school. “I am confident that this gift, the academic exchanges and collaboration with faculty of leading American universities will ensure the Onsi Sawiris School of Business is at the forefront of global business education and on par with the best in the world.”

Chairman of the AUC’s Board of Trustees, Mark Turnage said, “This gift is one of the many examples of impactful philanthropy from the Sawiris family. It reinforces AUC’s position as an institution that produces global-ready graduates with the career and life skills to make a positive difference in their communities and around the world.”

The Sawiris family is a long-time friend of AUC. The wife of the late Onsi Sawiris, Yousriya Loza Sawiris, is an Honorary Doctor of AUC and an alumna (MBA ’82), former member of the Egyptian Parliament, businesswoman and philanthropist. Over the years, the family have supported scholarships for students from Upper Egypt, students with disabilities, women’s empowerment, and the renovation of AUC’s historic Tahrir Square campus.

Orascom Construction is proud to be part of this landmark initiative, which reinforces its shared commitment to education and excellence while strengthening its longstanding partnership with AUC. It is an honor that the university will name its distinguished school of business after the Company’s visionary founder. This not only celebrates the enduring legacy of Mr. Onsi Sawiris but also reflects the deep values of innovation, leadership, and social responsibility that our organization upholds. Orascom Construction looks forward to supporting the school’s mission and contributing to the growth and success of future business leaders.

Education is a core pillar of Orascom Construction’s efforts to create a positive and lasting impact. The Company is actively engaged across the entire education value chain, from rehabilitating schools and training teachers to promoting youth empowerment and entrepreneurship. The Company also supports scholarships for students across Egypt and has for 24 consecutive years provided scholarships to top students to study at the world’s leading universities abroad. These initiatives reflect the Company’s unwavering commitment to empowering future generations.

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The consortium is on track to energize the first 250 MW phase of the wind farm by December 2024, two months ahead of schedule, and gradually connect the balance to the national grid by Q3 2025. The consortium will develop the additional 150 MW on adjacent land on a fast-track basis, ensuring commercial operations for the entire 650 MW by Q3 2025 as originally planned prior to this expansion.

Once operational, the expanded wind farm will generate clean energy for over 1 million homes and reduce carbon emissions by approximately 1.3 million tons annually, supporting Egypt’s transition to renewable energy.

This expansion builds on the consortium’s previous achievements in developing Egypt’s renewable energy sector, including the 262.5 MW Ras Ghareb wind farm—the country’s first Independent Power Producer (IPP) project of its kind—operational since October 2019. Following this latest expansion, the consortium’s total wind power capacity in Egypt will increase to 912.5 MW.

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