Europe backs Egypt wind
EIB provides €115m to help fund up to 200MW Gulf of Suez wind farm.
The European Investment Bank (EIB) is to loan €115m to Egypt to help finance the up to 200MW Gulf of Suez wind farm.
The project will be located some 400km south-east of Cairo and comprise up to 100 turbines over a 57 square km area.
As well as EIB, German state-owned investment bank KfW will provide a further €72m, Agence Française de Développement €50m and the European Commission a grant of €30m for the project.
EIB director of operations in the neighbourhood countries Heinz Olbers said: “The project is in line with the bank’s objective to provide more finance to renewable energy projects.”