The European Bank for Reconstruction and Development is considering providing a loan for the construction, commissioning and operation of a 1100MW wind scheme in Egypt.
The scheme will be developed by the project company Suez Wind Energy over two plots in the Gulf of Suez – a northern and southern site.
The move comes after ACWA Power Consortium and Egyptian Electricity Transmission Company (EETC) signed a 25-year Power Purchase Agreement with a total investment value of US$1.5bn for the development/construction/operation of a 1.1GW wind project.
EETC acts as the sole off-taker.
The scheme will be located in Suez Gulf and Gabal El Zeit province near Ras Gharib city and will be developed as a ‘build, own, operate’ project.
ACWA Power will take the lead in developing, financing, engineering, constructing, operating and maintaining of the plant delivering power to the unified national grid.
The company said the energy will be generated Using 220-metre tip height turbines and the plant is set to deliver highly efficient performance and be capable of powering 1,080,000 homes, while offsetting nearly 2.4 million tons of emissions per year.