The European Bank for Reconstruction and Development has arranged a syndicated loan worth $275m for the construction of the 1.1GW Suez Wind onshore project in Egypt.
The wind farm, which is being co-financed by other investors including the African Development Bank, British International Investment and the Arab Petroleum Investments Corporation, will be the largest onshore array in Africa and will contribute to Egypt’s 10GW end-decade renewable energy target.
Egypt’s minister of planning, economic development and international cooperation Rania A. Al-Mashat said: “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 ERBD, we are mobilising 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 and we are working 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 Sustainable Infrastructure Group managing director Nandita Parshad added: “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 largescale renewables in Africa: first with the largest solar farm and now with the largest wind farm on the continent.”