New Wind Farm Project Inaugurated in Gulf of Suez
The wind farm project received principal funding from the German Development Bank.
A new wind farm project has been inaugurated in the Gulf of Suez, approximately 20 km off the coast of the Red Sea. The project is a collaborative effort with financing from the Federal Ministry for Economic Cooperation and Development (BMZ), the European Union, the European Investment Bank, and the French Development Agency. The German Development Bank played a key role as the lead financing agency.
The wind farm has a capacity to generate up to 262 megawatts of clean energy, contributing to Egypt’s efforts to reduce carbon dioxide emissions. It supports the country’s electricity needs through environmentally friendly and cost-effective energy, aiding in sustainable economic development and achieving Egypt’s renewable energy goals.
The total project financing amounts to EUR 215 million, including EUR 3.1 million for technical assistance. This includes a concessional loan of EUR 59 million from the German government through the German Development Bank, a grant of EUR 30 million from the European Union, EUR 94 million from the EIB, and EUR 41 million from the AFD.
Equipped with 70 turbines, each with a capacity of 3.6 megawatts, the wind farm is expected to generate approximately 1,200 gigawatt-hours of green electricity annually. This output can cover the electricity needs of around 400,000 households while offsetting over 500,000 tonnes of carbon dioxide emissions per year. The wind farm is designed to protect migratory birds through a shutdown-on-demand protocol.
Germany’s support extends beyond this project, including collaborations on the Zafarana Wind Farm (150 megawatts), the Gabal El Zayt Wind Farm (240 megawatts), the Zafarana Solar Photovoltaic Power Station (50 megawatts), and the modernization of hydroelectric power stations in Egypt. These initiatives aim to significantly increase renewable energy sources and ensure reliable grid operation, with nearly EUR 500 million allocated for energy projects, including EUR 258 million designated for the New and Renewable Energy Program (NREP) in Egypt during COP27 in 2022.
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Jun 14, 2024 -
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