The European Bank for Reconstruction and Development (EBRD) is providing a $21.3 million loan to Red Sea Wind Energy to support the expansion of Egypt's largest wind farm.
The loan will fund the development and construction of a 150MW expansion to the 500MW wind farm currently under development in the Gulf of Suez region. This expansion will increase the total capacity of the wind farm to 650MW, making it the largest in both Egypt and Africa.
The new financing complements a previous loan extended by the EBRD and the Green Climate Fund in 2023 to support the initial 500MW project. Once completed, the expanded wind farm is expected to contribute to a significant reduction in CO2 emissions, with an estimated 1.3 million tonnes of emissions saved annually.
This expansion is a critical part of Egypt's renewable energy strategy and underscores the EBRD's continued commitment to supporting sustainable energy projects across the region.
