The European Investment Bank (EIB) has signed a €115M loan agreement with the Arab Republic of Egypt for a wind farm project in the Gulf of Suez.
The onshore wind farm, to be located on the west bank of the Gulf of Suez, about 400km southeast of Cairo, will have a capacity of about 200MW, and will feature up to 100 turbines.
The project will contribute to meet growing electricity demand using sustainable wind energy.
Heinz Olbers, EIB director of operations in the Neighbourhood Countries, said: “The EIB is proud to finance the Gulf of Suez wind farm which contributes to environmental sustainability and climate change mitigation.
“The project is in line with the Bank’s objective to provide more finance to renewable energy projects. The European Investment Bank is the world’s largest financier of climate action; last year we provided €20.7bn for climate related investment across Europe and around the world.”
The project will also receive €72M from KfW, €50M from the Agence Française de Developpement and the New and Renewable Energy Authority, and a €30M grant from the European Commission.
* Data provided by Timetric's Construction Intelligence Center.