Sumitomo Corporation (Head Office: Chiyoda-ku, Tokyo; Representative Director, President and Chief Executive Officer: Masayuki Hyodo) hereby announces that it has acquired an equity stake in AMUNET WIND POWER COMPANY S.A.E. ('Amunet') and signed a loan agreement with a group of banks including Japan Bank for International Cooperation ('JBIC') in relation to its onshore wind independent power producer (IPP) project in Egypt ('the Project'), which Sumitomo Corporation has been developing in partnership with AMEA Power (headquarters: Dubai, United Arab Emirates; Representative: Chairman Hussain Al Nowais; hereinafter, 'AMEA'), a renewable energy developer headquartered in UAE.
The Project involves the construction, ownership and operation of onshore wind farm that can generate approximately 500MW of electricity, which amounts to the annual power consumption of around 1 million households, in Ras Ghareb in the Red Sea Governorate along the Gulf of Suez, situated some 240 kilometers southeast of Cairo, the capital city of Egypt. When completed, the Project is slated to sell electricity to Egypt's state-owned Egyptian Electricity Transmission Company over approximately 25 years. The construction is scheduled to take approximately two and a half years until 2025, and the completed facility is expected to become one of the largest onshore wind farms in Egypt. Sumitomo Corporation will engage in the development, construction and operation of the wind farm by leveraging its expertise acquired through its track record of overseas onshore wind farm projects in the United States, the Republic of South Africa, the People's Republic of China, and other locations.