The European Union (EU), while also releasing a Combined Renewable Energy Master Plan, will co-finance a 200-MW wind farm in Egypt at a time when the country faces a shaky investor climate.
The EU will give Egypt a grant of €3 million to develop a renewable energy framework for wind and solar power generation in the North African country. In addition, Egypt signed three contracts, totaling €340 million, for a wind farm in Gabal el Zeit which will be comprised of 100 turbines. The wind farm is expected to come online in 2014 and deliver 741 GWh, according to the World Wind Energy Association.
The project is funded through the EU Neighborhood Investment Facility (NIF) which includes €30 million in grants from the European Commission, and €310 million in soft loans from the European Investment Bank (EIB), German financier KfW, and the French Development Bank (AFD).
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