https://en.sputniknews.africa/20241204/egypt-to-obtain-170-mln-loan-from-african-development-bank-for-wind-energy-project-1069540413.html
Egypt to Obtain $170 Mln Loan From African Development Bank for Wind Energy Project
Egypt to Obtain $170 Mln Loan From African Development Bank for Wind Energy Project
Sputnik Africa
A greenfield wind farm along the Gulf of Suez in Egypt will be divided into two sites, each with a capacity of 550 MW. It is expected to generate 4,111 GWh... 04.12.2024, Sputnik Africa
2024-12-04T17:27+0100
2024-12-04T17:27+0100
2024-12-04T17:27+0100
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Egypt will obtain $170 million loan from the ADB to implement wind energy project, the press service of the bank said.Overall, the construction of a wind farm along the Gulf of Suez will cost $1.1 billion. Along with the ADB, a consortium of Development Finance Institutions will also subsidize the project. Kariuki added that the project will not only develop Egyptian government's efforts to achieve 42% of renewable energy in its energy mix by 2030 but also will "drive local economic growth and strengthens regional energy security."
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north africa, african development bank (afdb), egypt, economy, renewable energy , loan, investment
Egypt to Obtain $170 Mln Loan From African Development Bank for Wind Energy Project
A greenfield wind farm along the Gulf of Suez in Egypt will be divided into two sites, each with a capacity of 550 MW. It is expected to generate 4,111 GWh annually, the press service of the African Development Bank (ADB) said.
Egypt will obtain $170 million loan from the ADB to implement wind energy
project, the press service of the bank said.
Overall, the construction of a wind farm along the Gulf of Suez will cost $1.1 billion. Along with the ADB, a consortium of Development Finance Institutions will also subsidize the project.
"The Suez Wind Project is a landmark development that underscores Egypt’s leadership in renewable energy and the Bank’s steadfast commitment to supporting transformative, clean energy projects across the continent," Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said, as quoted by the press service of the ADB.
Kariuki added that the project will not only develop Egyptian government's efforts to achieve 42% of renewable energy in its
energy mix by 2030 but also will "drive local economic growth and strengthens regional energy security."
