Shalakany Acted As Local Counsel For Lenders On Expansion Of Red Sea Wind Energy Project

Shalakany Acted As Local Counsel For Lenders On Expansion Of Red Sea Wind Energy Project

Shalakany acted as local counsel for the lenders in the 150 MW expansion of the Red Sea Wind Energy project in Ras Ghareb, Egypt, which now totals 650 MW, making it the largest wind farm in Africa. This project marks a significant milestone in renewable energy development in the region.

Shalakany previously provided legal counsel for the lenders on the original 500 MW phase of the project and has now supported the 150 MW expansion. The consortium of lenders includes the Japan Bank for International Cooperation (JBIC), Sumitomo Mitsui Banking Corporation, the Hong Kong and Shanghai Banking Corporation (HSBC), the Norinchukin Bank, Société Générale S.A., and the European Bank for Reconstruction and Development (EBRD), all under a Nippon Export and Investment Insurance (NEXI) cover.

The project is led by a consortium comprising ENGIE, Orascom Construction PLC, Toyota Tsusho Corporation, and Eurus Energy Holdings Corporation. Once completed, the wind farm will generate clean energy for over one million homes and reduce carbon emissions by approximately 1.3 million tons annually.

Shalakany have contributed to both the original and expanded phases of this transformative project alongside Milbank LLP, reinforcing its commitment to supporting sustainable energy initiatives in Egypt.

The Shalakany team that worked on this project included Partners Mariam Fahmy and Mostafa El Zeky, Associate Youssef Omar, Junior Associates Mohamed Nour, Haythem Hamdy, and Malak Ahmed Sobhy.