The European Bank for Reconstruction and Development is providing $74.1m to finance Infinity Power’s first greenfield wind project in Egypt.
The 200MW Ras Ghareb wind farm, co-owned with Masdar, is part of the country’s Nexus on Water, Food and Energy initiative. Construction will start in the coming weeks.
The package includes an EBRD loan of $60.7m, $3.38m from the Green Climate Fund, and a $10m grant. Proparco and Japan International Cooperation Agency are also supporting the deal.
Once operational, the project will cut Egypt’s annual CO2 emissions by 390,000 tonnes and supply clean power to more than 300,000 homes. It will also launch a certified internship scheme for young engineers, with a focus on women entering the energy sector.
Infinity Power chairman Mohamed Ismail Mansour said the backing from EBRD, GCF, JICA and Proparco was “instrumental in bringing the Ras Ghareb project to this stage”.
Chief executive Nayer Fouad said: “Ras Ghareb is a clear demonstration of our commitment to turning plans into reality. Each project we deliver takes us closer to our goal of 10GW of renewable capacity by 2030.”
EBRD’s Harry Boyd-Carpenter added: “This project stands as a shining example of what can be achieved when visionary companies join forces with committed international partners.”