The European Bank for Reconstruction and Development (EBRD) is evaluating the possibility of providing a loan for the construction, commissioning, and operation of an 1,100 MW wind project in Egypt. The scheme is to be developed by Suez Wind Energy, spanning two plots in the Gulf of Suez—a northern and a southern site.
This consideration follows the signing of a 25-year Power Purchase Agreement between ACWA Power Consortium and the Egyptian Electricity Transmission Company (EETC), which has a total investment value of $1.5 billion for the development, construction, and operation of the wind project. EETC will act as the sole off-taker for the generated energy.
Located in Suez Gulf and Gabal El Zeit province near Ras Gharib city, the project will be structured as a “build, own, operate” venture. ACWA Power will spearhead the development, financing, engineering, construction, operation, and maintenance of the plant, which will supply power to Egypt's unified national grid.
The wind farm will utilize turbines with a tip height of 220 meters, designed for high efficiency. It is anticipated that the plant will have the capacity to power approximately 1,080,000 homes while offsetting nearly 2.4 million tons of emissions annually.
