The European Bank for Reconstruction and Development (EBRD) is reviewing a long-term senior loan of $79.1 million to support the development and construction of a 200-megawatt (MW) wind farm in Ras Ghareb in the Gulf of Suez region in Egypt.

The project will sell the produced power to the Egyptian Electricity Transmission Company (EETC) under a long-term power purchase agreement (PPA) backed by a sovereign guarantee from the Ministry of Finance, according to the EBRD website.

It will be among the very first to be delivered under the 10 gigawatts (GW) renewable programne of the EBRD-led Energy Pillar of Egypt's Nexus Water-Food-Energy Programme (NWFE) initiative.

UAE’s Masdar owns 51 percent of the Masdar IPH Wind, a special purpose vehicle, while Egypt’s Infinity Energy holds the remaining 49 percent. The total project cost is estimated at $214.8 million.

(Writing by P Deol; Editing by Anoop Menon) (anoop.menon@lseg.com)

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