EBRD to support expansion of 650 MW Wind Farm in Egypt
The European Bank for Reconstruction and Development (EBRD) has extended a US$21.3 million loan to Red Sea Wind Energy to support the expansion of the 650 MW Red Sea Wind Farm. The wind project, comprised of 84 wind turbines and a 33/220 kV substation, is strategically located near the Gulf of Suez, approximately 40 km Northwest of Ras Ghareb city, spread across nearly 70 km2.
The loan will fund the development and construction of a 150 MW expansion to the 500 MW wind farm currently being constructed in the Gulf of Suez region, Egypt. 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. 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 project is expected to help reduce annual CO2 emissions by 1.3 million tonnes and will contribute to the 10 GW renewable energy target set under NWFE and support the government in achieving its renewable energy targets.
Country news
-
-
August 26, 2024
Masdar signed Power Purchase Agreement for 200 MW wind farm in Egypt
Masdar, and Infinity Power, have signed a Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to deliver a long-term supply of renewable energy generated by a 200 MW onshore wind project, located in Ras Ghareb, Gulf of Suez region.
Read more -
July 17, 2024
Offtake agreement signed for 100 MW Hydrogen Project in Egypt
Scatec ASA’s Egypt Green Hydrogen project, in partnership with Fertiglobe, Orascom Construction has secured a green ammonia offtake agreement with Hintco.
Read more -
January 12, 2024
Land Agreement signed for 1.1 GW Onshore Wind project in Egypt
Hassan Allam Utilities and ACWA Power have signed a 25-year land usufruct agreement with Egypt’s New and Renewable Energy Authority for a 1.1 GW Wind Energy project in Egypt.
Read more -
August 22, 2023
Trial operation to be launched for 250 MW wind project in Egypt
Egypt’s New and Renewable Energy Authority (NREA) is set to begin the trial operations for the 250 MW Gulf of Suez wind power project located in the Gulf of Suez, approximately 30 km north-west of Ras Ghareb, Egypt.
Read more -
June 08, 2023
Agreement signed for securing land to develop 10 GW Wind project in Egypt
Masdar has collaborated with Infinity Power and Hassan Allam Utilities to acquire land for a 10 GW onshore wind project in Egypt.
Read more
