We are thrilled to announce the completion of the first wind turbine foundation at the highly anticipated 500 MW Build-Own-Operate wind farm in Ras Ghareb, Egypt. This remarkable milestone marks tangible progress in developing this cutting-edge wind farm, highlighting Orascom Construction's unwavering commitment to spearheading sustainable infrastructure projects, especially in the renewable energy sector.
Working closely with Engie, Toyota Tsusho, and Eurus Energy, the project embodies the fusion of expertise and innovation. From incorporating the highest health, safety, and environmental standards to employing fast-track construction methods, and securing financing expertise, we ensure this project aligns perfectly with Egypt's vision of expanding renewable energy sources and significantly reducing CO2 emissions - by approximately 1 million tons annually.
Once fully operational, this monumental wind farm will effortlessly power over 800,000 homes with clean, renewable energy, significantly contributing to a greener and more sustainable future. As a consortium, this venture builds upon our past success in developing Egypt's first renewable energy Independent Power Producer (IPP) project, completed ahead of schedule in October 2019. With this new milestone, our combined wind energy capacity in Egypt has tripled to an impressive 762.5 MW.
We extend heartfelt congratulations to our dedicated teams and esteemed partners for their relentless efforts in making this accomplishment a reality. Together, we are forging ahead on the path toward a cleaner, more resilient energy landscape for Egypt and beyond.
Stay tuned for more updates as we continue to drive sustainable infrastructure development, paving the way for a brighter future for generations to come.