News flash
- The African Development Bank has approved a loan of up to $170 million to support the development of the game-changing 1.1 GW Suez Wind Project, currently Egypt’s largest wind energy initiative.
The total project cost is estimated at $1.1 billion. The Bank’s financing is in addition to financing expected from a consortium of Development Finance Institutions (DFIs), banks, and financial institutions.
The project has been awarded the Golden License by the Cabinet of Egypt, recognizing it as a strategic initiative for the country. This license provides a set of incentives, including streamlined approvals, to accelerate the project’s implementation and its contribution to Egypt’s renewable energy goals.
The project involves the design, construction, operation, and maintenance of a greenfield wind farm divided into two sites, each with a capacity of 550 MW, located along the Gulf of Suez. The Egyptian Electricity Transmission Company (EETC) will be the sole off-taker under a 25-year take-or-pay Power Purchase Agreement (PPA).
Author: Bryan Groenendaal
