AfDB studies $130mn finances for Egyptian wind power project

The African Development Bank (AfDB) is studying a contribution worth US$130 million approximately to a wind power plant in Egypt, a senior banking sources told Amwal Al Ghad Sunday.

The Egyptian power plant is set to add around 200 megawatts to the nationwide electricity network, as part of the country’s strategy to boost the usage of renewable energy, the source added.

In addition, securing finances for clean energy projects is a core part of the AfDB’s 10-year strategy for Egypt and African countries, the source asserted.

In cooperation with Abu Dhabi’s Masdar, the Egyptian state-run New and Renewable Energy Authority (NREA) is planning to establish a 200-megawatt wind power plant, with costs estimated at US$440 million. The project will be partially by NREA in addition to AfDB’s The African Renewable Energy Fund (AREF) and Masdar.

Egypt is seeking to derive 20% of its energy from renewable sources by 2030.

Elsewhere, Egypt’s Minister of International Cooperation Sahar Nasr has recently met with a delegation from the AfDB to talk about collaboration between the two; since partnership between the two started in 1974 an evaluated $1.9 billion have been sanctioned to over 35 ventures to promote different arenas comprising agriculture, transportation, and irrigation.