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EBRD Funds Two Wind Farms
The European Bank for Reconstruction and Development is providing up to $145 million in financing to develop and operate two new wind farms in Egypt, with a combined capacity of 500 megawatts. The financing comprises a $75 million loan to Nait Wind Power Company and a $70 million loan to Alcazar Ras Ghareb Energy, with participation from the European Investment Bank and the German Investment Corporation. The two wind farms are expected to reduce greenhouse gas emissions by around 979,700 tonnes of carbon dioxide equivalent per year, strengthen energy security, and reduce reliance on imported fossil fuels.
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