The European Bank for Reconstruction and Development (EBRD) has issed a senior secured loan of up to US$ 100 million to Red Sea Wind Energy. The loan will fund the development, construction and operation of a new 500 MW onshore wind farm located in the Gulf of Suez area.
The loan consists of a portion of up to US$ 50 million from the EBRD and a portion of up to US$ 50 million from the Green Climate Fund (GCF) in favour of Red Sea Wind Energy. The loan is co-financed by the Japan Bank for International Cooperation and private commercial banks insured by Nippon Export and Investment Insurance, and is the Bank’s first project to be co-financed by those Japanese institutions.
The energy generated will be sold to the Egyptian Electricity Transmission Company (EETC) over a period of 25 years. Red Sea Wind Energy is a joint-stock company incorporated in Egypt and owned by a consortium of sponsors, including Engie, Orascom Construction, Toyota Tsusho Corporation and Eurus Energy.
