The African Development Bank (AfDB) has approved a $170mn loan to support the construction of Egypt’s GW Suez Wind Project, which is expected to cost $1.1-$1.5bn to complete.
- •Other funders include banks, financial institutions, and a consortium of Development Finance Institutions (DFIs).
- •Once complete, the project will have a capacity of 1100 MW, with only the Egyptian Electricity Transmission Company (EETC) as its customer.
- •The project, located along the Gulf of Suez and divided into two sites, is part of Cairo’s climate commitments under the Paris Agreement, and is expected to reduce emissions by 1.71mn tons.
“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,” Kevin Kariuki, Vice President for Power, Energy, Climate, and Green Growth at the African Development Bank, said.