EBRD Commits $74.1 Million to Massive Egyptian Wind Farm Project
The European Bank for Reconstruction and Development has approved a substantial $74.1 million financing package for a 200 MW wind farm in Egypt’s Ras Ghareb region, marking a significant boost to the country’s renewable energy ambitions. The project, led by Infinity Power and Masdar, represents one of the largest recent renewable energy investments in North Africa.
The comprehensive financing structure includes a senior EBRD loan of up to $60.7 million, a $3.38 million concessional loan from the Green Climate Fund, and a $10 million grant, with construction expected to begin immediately. Once operational, the wind farm will slash annual CO₂ emissions by approximately 390,000 tonnes while contributing significantly to Egypt’s ambitious goal of achieving 10 GW of renewable energy capacity by 2028.
The project goes beyond energy generation, with EBRD announcing plans to launch a certified internship program in Ras Ghareb specifically targeting young engineers, with special emphasis on women in the energy sector. This initiative aims to strengthen local technical capabilities and promote gender inclusivity in Egypt’s growing renewable energy workforce.
Harry Boyd-Carpenter, Managing Director of EBRD’s Sustainable Infrastructure Group, highlighted the project as exemplifying successful collaboration between innovative companies and committed international financiers, noting partnerships with JICA, Proparco, and the Green Climate Fund.
Infinity Power Chairman Mohamed Ismail Mansour emphasized the critical role of international cooperation and Egyptian government support in advancing the country’s clean energy agenda and Africa’s broader energy transition goals.
Source: angolanminingoilandgas.com
