The European Bank for Reconstruction and Development (EBRD) continues to champion Egypt’s renewable energy ambitions with a new funding arrangement for the development and construction of a 200 MW wind farm in the Ras Ghareb region.
The EBRD is providing a comprehensive financing package of $74.1 million for the 200 MW Ras Ghareb onshore wind farm in Egypt, jointly owned by Infinity Power and Masdar. The package includes an EBRD senior loan of up to $60.7 million, a concessional loan of up to $3.38 million from the Green Climate Fund (GCF) and an investment grant of up to $10 million.
The EBRD is the principal development partner for Egypt’s flagship Nexus on Water, Food and Energy (NWFE) initiative and is acting as a lead institution on the Ras Ghareb project, marshalling resources from GCF, the Japan International Co-operation Agency (JICA) and Proparco to bring the wind farm to fruition. The construction of the Ras Ghareb wind farm will start in the coming weeks. On completion it will make a notable contribution towards Egypt’s goal of achieving 10 GW of renewable energy capacity by 2028 under the NWFE programme.
The initiative builds on the EBRD’s steadfast commitment to decarbonisation and the advancement of renewable energy in Egypt. Once operational, the wind farm is expected to reduce the country’s annual CO2 emissions by 390,000 tonnes. In addition, the project will enhance skills development and employment prospects by launching a certified internship programme for young engineers in the region, with a particular focus on empowering women to participate in the burgeoning energy sector.
Infinity Power is already an owner and operator of several wind and solar farms in Egypt, as well as across Africa more broadly. The company has 1.3 GW of wind and solar in operation across Egypt, Senegal and South Africa, and an active pipeline of projects in development across the African continent. Infinity Power aims to have 10 GW of clean power in operation across Africa by 2030.
