In a significant development, the African Development Bank (AfDB) has approved a $170 million loan to support the design and construction of Egypt’s wind energy project, the GW Suez Wind Project.
The critical project is the largest of its kind in Egypt, and it is expected to cost US$1.1 billion. Located in the Gulf of Suez and awarded the Golden License by Egypt’s Council of Ministers, the initiative involves designing, developing, operating, and maintaining a wind farm consisting of two sites, each generating 550 MW.
Once complete, the Greenfield wind farm will generate 4,111 GWh annually. It is expected to cut Egypt’s annual CO2 emissions by about 1.71 million tons, which is a significant step toward achieving the Northern African country’s climate pledges under the Paris Agreement.
“This project not only facilitates the Government of Egypt’s efforts to achieve 42 percent of renewable energy in its energy mix by 2030 but also drives local economic growth and strengthens regional energy security,” said Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at AfDB.
AfDB’s financing of the landmark development underscores the bank’s commitment to supporting clean energy initiatives across the continent. Additional funders for the project include banks, financial institutions, and development financial institutions (DFI).
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