The World Bank has approved a $220-million loan to Egypt giving priority to large-scale electricity generation from renewable energy sources to help meet the country’s goal of generating 20% of its energy needs from renewable resources by 2020.
It was announced in December that Egypt was anticipating the World Bank loan to cover three projects including a 200-MW capacity wind power plant and a network to bring power onshore from wind farms in the Gulf of Suez. Recent bids by 26 international companies were placed, including local company El Sewedy, to build a 250-MW wind farm on Egypt’s east coast. A recent report from the World Bank said that Egypt’s Gulf of Suez region has the potential to generate at least 7,200 MW by 2022. The eastern and western Nile banks have the potential to deliver an additional 3,000 MW.
CEO of El Sewedy Sadek El Sewedy said at the SWEG tower opening in March, “Egypt is becoming the first hub of wind energy in the region.” The country is striving to meet its target of generating 7,200 MW of wind energy by 2020 which could create up to 75,000 jobs.
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