Egypt’s Ministry of Electricity and Renewable Energy has launched a project that when complete will be one of, if not the largest wind farms in the MENA region. The wind farm project, valued at an estimated EGP 5 billion, is to be located in the Suez Bay.
The project is to be funded by several international entities’ investments including the French Development Agency, which will provide a loan of around $60.21 million to the project. The German Development Bank will also fund the project with a loan of around $86.7 million, and the European Union (EU) will provide the project with a loan of around $36.21 million in the first phase.
The first agreement to build the wind farm was signed by General Manager for Renewable Energy Committee, Mohamed al-Khayat.
The wind farm “comes as part of the Electricity and Energy Ministry’s plan to increase the reliance on renewable energy when producing electricity,” al-Khayat said, adding that the Suez Bay project is the first of many.