EBRD backs Africa’s largest wind farm in Egypt

The European Bank for Reconstruction and Development (EBRD) has arranged a $275 million syndicated loan to support the construction and operation of Africa’s largest wind farm in Egypt’s Gulf of Suez region, according to the bank’s statement.

The facility, Suez Wind, will have a capacity of 1.1 GW, generating over 4,300 GWh of electricity annually and reducing CO2 emissions by more than 2.2 million tons per year.

The loan comprises $200 million from the EBRD and $75 million from Arab Bank and Standard Chartered. The wind farm is co-financed by the African Development Bank, British International Investment, DEG, the OPEC Fund, and APICORP.

The wind farm is part of Egypt’s Nexus of Water, Food & Energy (NWFE) programme, which targets 10 GW of renewable energy projects to decarbonise the nation’s fossil fuel-dependent power sector. Egypt aims to derive 42 per cent of its energy from renewables by 2030.

Since 2012, the EBRD has invested nearly €13.3 billion in 194 projects across Egypt, spanning sectors such as finance, transport, and infrastructure.

Attribution: Amwal Al Ghad English

Subediting: M. S. Salama