The European Bank for Reconstruction and Development (EBRD) plans to provide a long-term senior loan of up to $71.7 million to support the development and construction of a 200-megawatt (MW) onshore wind farm in the Ras Ghareb region of the Gulf of Suez, the bank announced.
With a total cost of $214.75 million, the project aims to sell the generated power to the Egyptian Electricity Transmission Company (EETC) as per a long-term power purchase agreement backed by a sovereign guarantee from the Ministry of Finance.
It also aims to increase private sector participation in Egypt’s power sector and expand the share of renewable energy in the country’s overall energy mix.
