Red Sea Wind Energy’s wind farm project in Egypt has been granted a senior secured loan from the European Bank for Reconstruction and Development (EBRD). With a value of up to US$100m, half the loan (US$50m) was provided by the Green Climate Fund (GCF).
This award is part of the project’s financial close worth US$680m. To be built in the Gulf of Suez area, the wind farm is planned to have a capacity of 500MW.
Once complete, it will be Africa’s largest wind farm, able to avoid one million tonnes of carbon emissions per year. Power output will be sold to the Egyptian Electricity Transmission Company (EETC) over the course of 25 years.
For more information on renewables projects in Egypt, please visit EICDataStream.