OPIC to finance US$87 million for 250 MW Egyptian wind project

The Overseas Private Investment Corporation (OPIC) will support the development of 250 MW wind project in Egypt through a financing of US$87 million.

The wind farm is located in the Gulf of Suez, approximately 30km north-west of Ras Ghareb. It will be comprised of 73 3.6 MW turbines supplied by Senvion, which will generate 1120 GWh annually. The project is built through the build, own, operate (BOO) framework of the Egyptian government.

The facility is being developed by a joint venture between Actis and Mainstream Renewable Power. It is set to be completed by 2021.