IFC Pends Funding of USD 83 Million Wind Farm in Egypt’s Ras Ghareb

The International Finance Corporation (IFC) is pending approval to fund a USD 83 million wind farm in Egypt’s Ras Ghareb. The 500 MW project would be the largest wind farm in the country if built.

The project is set to be built by Emirati-Japanese investors with an estimated USD 75 million loan and USD 8 million interest rate swaps. 

Construction is expected to begin in March 2023, with operation kicking off two and half years later. The wind farm would become an independent power producer, selling its renewable energy yields to the Egyptian Electricity Transmission Company under a 25 year contract.