The European Development Partners, a partnership of the European Union, KfW for German Development Cooperation, the European Investment Bank (EIB) and Agence Française de Développement (AFD), have approved a €267m financing for a €345m wind project in the Gulf of Suez area in Egypt.
The EIB wll provide a €115m soft loan for the project, along with the AFD (€50m) and KfW (€72m), while the European Union will grant €30m for the project. The Egyptian government has allocated the remaining €78m for the project.
The Gulf of Suez wind project will be implemented by Egypt’s New and Renewable Energy Authority (NREA) and is expected to have a total installed capacity of at least 200 MW commissioned by the end of 2019. The project should generate around 650 GWh/year, enough to cover the electricity needs of 370,000 Egyptians, while avoiding the emission of about 288 ktCO2eq/year.
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