Red Sea Wind Energy has secured a loan of up to $100m from the European Bank for Reconstruction and Development (EBRD) ($50m) and the Green Climate Fund ($50m) for the construction of a 500MW onshore wind farm in Egypt.
The loan is co-funded by the Japan Bank for International Cooperation and private commercial banks insured by Nippon Export and Investment Insurance.
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EBRD Sustainable Infrastructure Group managing director Nandita Parshad said: “We are very proud to support this significant wind farm in the Gulf of Suez, the first for us as lead development partner for the energy pillar of the country’s ground-breaking Nexus on Water, Food and Energy (NWFE) initiative.
“This is a milestone project that will advance a fundamental shift away from Egypt’s reliance on hydrocarbons, create new green business and employment opportunities, reduce pollution and avoid CO₂ emissions.
“The EBRD is and will proudly continue to be one of Egypt’s key partners on its green transition journey.”
Located in the Gulf of Suez, the onshore wind facility is claimed to be the largest in Africa and has the capacity to offset one million tonnes of carbon emissions annually.
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By GlobalDataClean energy generated by the wind farm will be sold to the Egyptian Electricity Transmission Company (EETC) over the next 25 years. It will also support Egypt’s green transition efforts.
Red Sea Wind Energy is owned by a consortium that includes Engie, Orascom Construction, Toyota Tsusho Corporation and Eurus Energy.
Egypt Minister of Electricity and Renewable Energy Dr Mohamed Shaker said: “We want to harness Egypt’s natural resources and make full use of the country’s renewable energy potential.
“To achieve this, the Egyptian government has created an environment that welcomes private sector investment and builds investor confidence to create a diverse and robust mix of international and local investors in renewable energy projects.
“The 500 MW Gulf of Suez wind farm by the consortium of Engie, Orascom Construction, Toyota Tsusho Company, and Eurus Energy is a perfect example of what can be achieved.”
