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TunisiaEgypt: EIB, European Commission fund Suez windfarm project
The European Investment Bank (EIB) and Egypt have signed a loan agreement for €115 million in financing for a windfarm in the Gulf of Suez, to further expand energy generation from renewable resources. The windfarm will contribute to meeting growing electricity demand using sustainable wind energy.
The project involves the design, construction and commissioning of a large onshore windfarm of about 200MW located on the west bank of the Gulf of Suez, some 400 km southeast of Cairo, with up to 100 turbines installed. The site, of around 57 km², is characterised by arid desert conditions and has very favourable wind resources.
The project is financed by European finance institutions: the EIB (€115 million), KfW (€72 million, including a €10.5 million grant), Agence Française de Développement (€50 million) and the New and Renewable Energy Authority. The European Commission is providing a grant of €30 million to the project.
EIB’s lending activities in the Mediterranean region in general, and Egypt in particular, are based on a Mandate from the European Union – the External Lending Mandate (ELM) currently covering the period 2014/2020 – through which the Bank works together with the EU and the government of Egypt to support socio-economic development in the country.
Read more
EIB – website
EU Neighbours South – Egypt
EU Delegation to Egypt – website and Facebook page
Countries covered:
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Egypt
