The European Bank for Reconstruction and Development (EBRD) is stepping up its support for renewable energy in Egypt by providing funds to one of the biggest wind farms in Africa.
A joint US$ 252 million investment by the EBRD, the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC), will finance a new 250MW wind farm in the Gulf of Suez.
The plant will provide clean energy at an subsidized tariff that is below the cost of conventional power and it will avoid 550,000 tons of CO2 emissions per year. The project builds on the success of Egypt’s 1.5GW Benban solar complex, now nearing completion, which is also privately financed and for which EBRD is the largest financier.
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