An Engie-led consortium has successfully secured debt from five major banks to expand its Red Sea wind farm in Egypt, already Africa’s largest wind energy project. The move underscores the consortium’s commitment to supporting Egypt’s renewable energy goals.
𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀 📊
- Debt Providers: Japan Bank for International Corporation (JBIC), SMBC, Norinchukin, Société Générale (SocGen), and the European Bank for Reconstruction and Development (EBRD).
- NEXI Coverage: Société Générale’s contribution is backed by Nippon Export and Investment Insurance (NEXI).
- Project Expansion: The additional 150 MW will bring the project’s total capacity to 650 MW.
𝗣𝗿𝗼𝗷𝗲𝗰𝘁 𝗗𝗲𝘁𝗮𝗶𝗹𝘀 🌱
- Location: Gulf of Suez in Ras Ghareb, Egypt.
- Current Status: 306 MW of capacity is already connected to the national grid.
- Completion Timeline: Full commissioning is expected in the third quarter of 2025.
- PPA Agreement: Backed by a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company.
𝗔𝗹𝗶𝗴𝗻𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗚𝗼𝗮𝗹𝘀 🌍
This project is a cornerstone of Egypt’s ambitious target of generating 42% of electricity from renewable sources by 2030. The expanded wind farm not only supports national energy goals but also positions Egypt as a regional leader in renewable energy.
𝗧𝗵𝗲 𝗖𝗼𝗻𝘀𝗼𝗿𝘁𝗶𝘂𝗺’𝘀 𝗧𝗿𝗮𝗰𝗸 𝗥𝗲𝗰𝗼𝗿𝗱 🚀
The same consortium sponsors the separate 262.5 MW Ras Ghareb wind farm, which reached financial close in 2017. Their experience in delivering large-scale renewable projects ensures this latest expansion will meet its objectives efficiently.
𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 🤔
As global renewable energy investments surge, Africa’s largest wind farm sets an example of public-private collaboration driving sustainable development. By leveraging international financing and expertise, Egypt is unlocking new possibilities for green energy across the continent.
🔍Location: Gulf of Suez in Ras Ghareb, Egypt.
- Current Status: 306 MW of capacity is already connected to the national grid.
- Completion Timeline: Full commissioning is expected in the third quarter of 2025.
- PPA Agreement: Backed by a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company.
𝗔𝗹𝗶𝗴𝗻𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗡𝗮𝘁𝗶𝗼𝗻𝗮𝗹 𝗚𝗼𝗮𝗹𝘀 🌍
This project is a cornerstone of Egypt’s ambitious target of generating 42% of electricity from renewable sources by 2030. The expanded wind farm not only supports national energy goals but also positions Egypt as a regional leader in renewable energy.
𝗧𝗵𝗲 𝗖𝗼𝗻𝘀𝗼𝗿𝘁𝗶𝘂𝗺’𝘀 𝗧𝗿𝗮𝗰𝗸 𝗥𝗲𝗰𝗼𝗿𝗱 🚀
The same consortium sponsors the separate 262.5 MW Ras Ghareb wind farm, which reached financial close in 2017. Their experience in delivering large-scale renewable projects ensures this latest expansion will meet its objectives efficiently.
𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀 🤔
As global renewable energy investments surge, Africa’s largest wind farm sets an example of public-private collaboration driving sustainable development. By leveraging international financing and expertise, Egypt is unlocking new possibilities for green energy across the continent.
Finteam 