EBRD approves a $50 mn long-term loan to finance a wind power plant in Suez

European Bank for Reconstruction and Development has approved $50 million long-term loan to help finance a $ 560 mn, 500 MW wind power plant in the Gulf of Suez.

The plant, which will be located approximately 40 km northwest of Ras Ghareb, will be one of the largest privately-built wind plants in Egypt, the EBRD said.

Partners in the plant include Orascom Construction (25 percent) Engie (35 percent), a consortium of Toyota Tsusho Corp and Eurus Energy (together holding 40 percent).

The plant is close to Lekela Power’s 250 MW West Bakr plant, which the EBRD also financed, and which was said to be the current largest wind power plant.