The US Overseas Private Investment Corporation has approved $87m for renewables developer Lekela to support a 250MW wind farm in Egypt.
OIPC, the US government’s development finance institution, said the support will help mobilise more than $250m in additional capital to finance the project.
The project, located near the Gulf of Suez, will help address Egypt’s ageing power infrastructure, diversify the energy mix and cut electricity costs, OPIC said.
OPIC acting president and chief executive David Bohigian said: “Energy security remains a critical barrier to sustainable growth in Egypt.
“By diversifying the country’s energy sources, decreasing costs to consumers, and enhancing power generation capacity, the project will expand electricity access in Egypt – creating economic opportunities that empower the Egyptian people.”