Egypt and the EIB signed a loan agreement for the financing of a wind farm in the Gulf of Suez. The loan, €115 million, will further expand the country’s renewable energy capacity and help meet its ever growing power demand.
The Gulf of Suez windfarm project involves the design, construction and commissioning of a large-size onshore wind farm of about 200 MW located on the west bank of the Gulf of Suez. The project could see up to 100 turbines installed.
The project is financed by European financial institutions – the EIB, KfW, the AFD – and the New and Renewable Energy Authority. The European Commission provides a grant of €30 million to the project.
“The EIB is proud to finance the Gulf of Suez windfarm 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 EUR 20.7 billion for climate related investment across Europe and around the world.” said Heinz Olbers, European Investment Bank’s Director of operations in the Neighborhood Countries.