EU and European partners support Egypt establish large-scale windfarm
November 24, 2016
The EU along with other European development partners including the European Investment Bank (EIB) jointly signed yesterday an Umbrella Agreement with Egypt to secure financing and pave the way for the implementation of a new large-scale windfarm in the Gulf of Suez area in Egypt.
With a capacity of at least 200 megawatt of renewable electricity generation, the project is an integral part of the Egyptian long-term energy strategy to utilise the country’s enormous renewable energy potential. It will generate 650 GWh of emissions-free electricity per year to cover the electricity needs of 370,000 Egyptians and contribute to climate protection by preventing CO2 emissions of about 288,000 tons per year and make a significant contribution to the Egyptian Government’s objective to produce at least 20 % of energy out of renewable sources by the year 2022.
The project budget amounts to EUR 343 million, of which EUR 267 million to be provided by the European Development Partners with the EU providing a grant of EUR 30 million and the EIB a soft loan of EUR 115 million.