The European Bank for Reconstruction and Development (EBRD) has approved a financing package of $74.1 million for the construction of a 200 MW wind farm in Ras Ghareb, Egypt. The funding includes an EBRD senior loan of up to $60.7 million, a concessional loan of $3.38 million from the Green Climate Fund (GCF), and an investment grant of $10 million.
The project is jointly owned by Infinity Power and Masdar. Construction of the wind farm is scheduled to commence in the coming weeks. Once operational, it is expected to offset around 390,000 tonnes of carbon emissions annually. EBRD is acting as the lead institution for the project, coordinating resources from GCF, Proparco, and the Japan International Cooperation Agency (JICA) to support project development.
Additionally, the project will include a certified internship scheme aimed at young engineers, with a particular focus on enabling greater participation of women in the country’s renewable energy sector. Furthermore, the project is part of Egypt’s Nexus on Water, Food and Energy (NWFE) programme, for which EBRD is a development partner. The country has a target of 10 GW of renewable capacity by 2028, under the NWFE programme.
