The Japan Bank for International Cooperation (JBIC) has signed a loan agreement of approximately US$240m with Egypt's Red Sea Wind Energy for the development of a 500 MW onshore wind project in Ras Ghareb near the Gulf of Suez, 200 km southeast of Cairo. Red Sea Wind Energy will sell the electricity generated by the wind park to the Egyptian Electricity Transmission Company (EETC) under a 25-year contract. The loan is co-financed with the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale, bringing the total co-financing amount to about US$501m.
The same consortium had previously been awarded Egypt's first wind power independent power producer (IPP) scheme (Gulf of Suez 1) with a capacity of 262.5 MW in Ras Ghareb, which was completed in October 2019.
At the end of 2021, wind represented 2.7% of Egypt’s installed capacity with 1.6 GW and 2.6% of its power generation with 5.5 TWh. Egypt targets 42% of electricity production from renewables in 2035, with 25% from solar, 14% from wind, and 2% from hydropower.
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