Global law firm Ashurst Perkins Coie has advised ENGIE, Orascom Construction and Aeolus (the Sponsors) on the financing of the Gulf of Suez III Wind Farm, a 900 MW onshore wind project developed by Shokeir Wind Energy S.A.E., along the Gulf of Suez, Egypt, one of the largest wind power projects in Africa. Once completed, it will double the Sponsors' wind capacity in Egypt to approximately 1.8 GW.
The project reached financial close on 12 November 2026 and is being financed on a non-recourse basis by the Japan Bank for International Cooperation (JBIC), Société de Promotion et de Participation pour la Coopération Economique S.A. (Proparco), Nederlandse Financierings-Maatschappij Voor Ontwikkelingslanden N.V. (FMO), Société Générale, Crédit Agricole Corporate and Investment Bank (CA-CIB) and KfW IPEX-Bank, with the financing provided by the commercial lenders benefiting from coverage by Nippon Export and Investment Insurance (NEXI). HSBC Bank Egypt is acting as working capital facility bank and onshore security agent. Equity bridge loans are provided by KfW for ENGIE, Mizuho for Aeolus, and FMO and British International Investment (BII) for Orascom Construction.
"We are proud to have supported the Sponsors on this landmark transaction, which marks a new milestone in Egypt's energy transition and illustrates the ability of international and development finance to deliver large-scale renewable energy projects in Africa," said Ouns Lemseffer, Managing Partner of Ashurst Perkins Coie Casablanca.
Ashurst Perkins Coie advised the Sponsors with a cross-border team led from Casablanca by Ouns Lemseffer (Managing Partner) with Youssef Tork (Senior Associate) and Thami Mekouar (Associate), working seamlessly with the London office and in particular, David Wadham (Partner), Matthew Wood (Partner) and Sam Newman (Senior Associate).
Natasha Kavanagh (Partner, Abu Dhabi) advised on UAE law aspects and Chihiro Ashizawa (Partner, Tokyo) advised on Japanese law aspects.
Marei, Fayez, Dardiry & Partners (MFDP) acted as Egyptian counsel to the Sponsors, with a team led by Khaled El Dardiry.
