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Europe backs Egypt wind

EIB provides €115m to help fund up to 200MW Gulf of Suez wind farm.

Europe backs Egypt wind image

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.”

Image: EIB

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