The European Bank for Reconstruction and Development (EBRD) has arranged a syndicated loan worth $275 million for the construction of the 1.1GW Suez Wind onshore project in Egypt. This significant wind farm is co-financed by several investors, including the African Development Bank, British International Investment, and the Arab Petroleum Investments Corporation. Once completed, it will be the largest onshore wind array in Africa, contributing to Egypt’s ambitious 10GW renewable energy target by the end of the decade.
Commitment to Renewable Energy
Egypt’s Minister of Planning, Economic Development, and International Cooperation, Rania A. Al-Mashat, emphasized the nation’s dedication to renewable energy: “Egypt is committed to advancing its renewable energy ambitions, aiming to derive 42% of its energy mix from renewable sources by 2030. Through our partnership with the EBRD, we are mobilizing blended finance to attract private sector investments in renewable energy. So far, funding has been secured for projects with a total capacity of 4.7GW as we work collaboratively to meet the Nexus of Water, Food, and Energy programme’s targets to reduce Egypt’s fuel consumption and expand clean energy projects.”
EBRD’s Role
Nandita Parshad, Managing Director of the EBRD Sustainable Infrastructure Group, stated, “EBRD is proud to be the largest financier of this landmark 1.1GW wind farm in the Gulf of Suez. Egypt continues to be a trailblazer for large-scale renewables in Africa: first with the largest solar farm and now with the largest wind farm on the continent.”
Conclusion
This project not only highlights Egypt’s commitment to sustainable energy but also sets a precedent for renewable initiatives across Africa, aligning with global climate goals.
Sources
- EBRD Official Website
- African Development Bank Press Release
- Egypt Ministry of Planning and Economic Development
