EBRD unveils $21.3m loan for wind farm expansion in Egypt

The European Bank for Reconstruction and Development (EBRD) announced a $21.3 million concessional loan to expand a wind farm in Egypt’s Gulf of Suez, according to Cabinet statement on Wednesday.

The loan aims to increase the capacity of the Red Sea Wind Energy Company’s existing 500 MW wind farm to 650 MW, making it the largest wind power facility in both Egypt and Africa.

The expanded wind farm is expected to generate 1.3 million megawatt-hours of clean energy annually, significantly reducing carbon emissions and contributing to Egypt’s renewable energy goals.

The wind farm expansion is part of the NWFE Programme, a national platform integrating efforts in energy, water, and food security. As the first wind project under NWFE, it builds on earlier contributions by EBRD and the Green Climate Fund, which financed the original 500 MW wind farm.

Red Sea Wind Energy Company is joint venture between France’s Engie, Egypt’s Orascom Construction, Japan’s Toyota Tsusho, and Japan’s Eurus Energy.

Attribution: The Egyptian Cabinet