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.
