The European Bank for Reconstruction and Development (EBRD) is supporting the expansion of the largest wind farm in Africa.
The bank will support the development and sustainability of Egypt’s renewable energy sector by extending a $21.3m loan to Red Sea Wind Energy.
The loan will fund the development and construction of a 150MW expansion to the 500MW wind farm currently being constructed in the country’s Gulf of Suez region.
The new financing complements an existing loan provided by the EBRD and the Green Climate Fund in 2023, in favour of Red Sea Wind Energy, to finance the original 500MW wind farm.
On completion, this expansion will increase the capacity of the wind farm that is currently under construction, bringing its total capacity to 650MW and making the wind farm the largest in Egypt and in Africa.
The project is expected to help reduce annual CO2 emissions by 1.3 million tonnes.