The European Bank for Reconstruction and Development (EBRD) has secured a senior loan of up to US$100m to Egypt’s Red Sea Wind Energy to fund the development, construction and operation of a new 500MW onshore wind farm.
Egypt’s third private wind farm will be located in the Gulf of Suez area, and it is expected to be the largest in Africa.
The loan consists of a portion of up to US$50m from the EBRD and a portion of up to US$50m from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy.
