Egypt raises money for wind project upwards of 250 MW

With European support, Egypt has secured financing of EUR 345 million for the construction of a wind farm near the Suez Canal.

An Egyptian wind farm of 200-250 MW is brewing. This Wednesday, the Egyptian Minister of International Cooperation, Sahar Nasr, signed a deal with several partners in the European Union regarding funding of EUR 345 million for a wind project near the Suez Canal, writes Egypt's Ministry of International Cooperation.

The project is part of Egypt's national target to increase the share of renewable energy in its electricity grid to 20 percent by 2020. Part of the deal for the future project is that the European Investment Bank will provide EUR 115 million, the German development bank kfW will chip in EUR 72 million, and the French development agency as well as the EU will each provide EUR 50 million. The Egyptian government will contribute to the project with EUR 78 million.

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