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TunisiaEBRD to support expansion of largest windfarm in Africa located in Egypt
The European Bank for Reconstruction and Development (EBRD) is supporting the development and sustainability of Egypt’s renewable-energy sector by extending a US$ 21.3 million loan to Red Sea Wind Energy. The loan will fund the development and construction of a 150 MW expansion to the 500 MW wind farm currently being constructed in the country’s Gulf of Suez region.
The new financing complements an existing loan provided by the EBRD and the Green Climate Fund in 2023, in favour of Red Sea Wind Energy, to finance the original 500 MW wind farm. On completion, this expansion will increase the capacity of the wind farm that is currently under construction, bringing its total capacity to 650 MW and making the wind farm the largest in Egypt and in Africa. The project is expected to help reduce annual CO2 emissions by 1.3 million tonnes.
Red Sea Wind Energy is a joint-stock company incorporated in Egypt and owned by a consortium of sponsors, including Engie, Orascom Construction, Toyota Tsusho Corporation and Eurus Energy.
The EBRD is the leading development partner in Egypt’s energy pillar of the Nexus on Water, Food and Energy (NWFE), a programme unveiled at COP27. This landmark wind farm is one of the first projects to be developed under the country’s energy pillar. The project will contribute to the 10 GW renewable energy target set under NWFE and will support the government in achieving its renewable energy targets.
The loan agreement was signed in the presence of representatives of the EBRD, Engie, Orascom Construction and Toyota Tsusho Corporation.
Countries covered:
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Egypt
