Egypt secures $71.7m EBRD loan for Ras Ghareb wind farm

The European Bank for Reconstruction and Development (EBRD) has allocated a $71.7 million (€66.2 million) long-term senior loan to support the construction of a $214.75 million onshore wind farm in Ras Ghareb in the Gulf of Suez, Egypt.

Masdar IPH Wind a collaboration between Masdar, with 51 per cent participation, and Infinity Energy with 49 per cent, spearheads the 200 MW project.

With a long-term power purchase agreement secured with the Egyptian Electricity Transmission Company (EETC), backed by the Ministry of Finance, this initiative advances Egypt’s renewable energy objectives, aiming for 42 per cent renewable power by 2030.

Despite environmental scrutiny due to potential impacts on migratory bird species, the project incorporates comprehensive measures to mitigate risks, setting a model for responsible renewable energy development.

Attribution: European Bank for Reconstruction and Development (EBRD) report.