A new wind farm is being developed just north of Ras Ghareb, and it will be partly financed by the EBRD.
As part of Egypt's ongoing efforts to put their best carbon footprint forward, a brand-new wind farm will be developed in the Gulf of Suez. And to help build it, they've just received a loan of USD 50 million from the European Bank for Reconstruction and Development (EBRD)!
The new 500 MW energy project is set to become one of the largest privately developed utility scale wind power plants in the country and is anticipated to reduce annual CO2 emissions by about one million tons. By mixing wind energy into the local energy mix, the project will help transition Egypt into a low-carbon economy, whereas it is currently at a high dependency on thermal power.
The project will help Egypt reach its 2022 goal of relying on renewable resources for 20% of its energy, and will likely cost around USD 560 million in total. Not only that, but the farm will also help to reduce local pollution and water consumption in the power sector.