(Ecofin Agency) – In Egypt, the European Bank for Reconstruction and Development is one of the main banks supporting renewable energy projects, often allying with local or international industrialists.
According to consistent sources, the European Bank for Reconstruction and Development is considering borrowing to finance a 1.1 GW wind project worth USD 200 million in the Gulf of Suez region in Egypt. The financing should take the form of a debt of 1is rang.
The infrastructure operator, Suez Wind Energy, will be owned by the Saudi company ACWA Power, as well as by HAU Energy, a new platform owned by Meridiam, Hassan Allam Utilities and the EBRD, with respective stakes of 45%, 30% and 25%. In June 2022, ACWA Power signed with the Egyptian authorities on the 1is wind project development agreement.
Then estimated at 1.5 billion USD, the required investment was confirmed in January 2024 with the signing of a new agreement with Egypt and the consortium’s commitment to mobilize it and complete the studies of the sites. As a reminder, this is the largest wind energy production project in the Middle East region and one of the largest onshore wind energy projects in the world.
It is expected to reduce carbon dioxide emissions by 2.4 million tonnes per year and save around 840,000 tonnes of fuel per year.
Abdullah Diop
Also read:
11/04/2024 – Egypt: the EBRD will invest in a new platform intended to promote renewable energies
10/01/2024 – Egypt signs $1.5 billion wind power deal with consortium led by ACWA Power
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