The European Bank for Reconstruction and Development (EBRD) has begun evaluating loan applications totaling nearly USD 200 million (EUR 187 million) for two distinct onshore wind projects in Egypt and Georgia, combining for a capacity of 406 megawatts (MW).
Sources familiar with the matter indicate that EBRD is reviewing a potential long-term senior loan of up to USD 79.1 million (EUR 73.7 million) to support the development and construction of a 200-MW wind farm in Ras Ghareb, situated in Egypt's Gulf of Suez region.
The project, valued at approximately USD 214.8 million, is majority-owned by Masdar with a 51% stake, alongside Infinity Energy holding the remaining 49%. It aims to supply electricity to the Egyptian Electricity Transmission Company (EETC) under a long-term power purchase agreement (PPA) backed by a sovereign guarantee from the local ministry of finance.
Meanwhile, in Georgia, the EBRD is considering a loan of up to USD 119 million to finance the development, construction, and operation of a 206-MW wind project known as Ruisi Wind. Sponsored by local construction firm Peri LLC, the total project cost is estimated at USD 230 million.
A decision on the Egyptian project is expected by July 24, with the Georgian project's deadline set for July 17.
