PHOTO
In this aerial view, wind turbines producing electricity spin over a solar park on November 01, 2022 near Klettwitz, Germany. (Photo by Sean Gallup/Getty Images) Image used for illustrative purpose.
Arab Finance: The European Bank for Reconstruction and Development (EBRD) is considering providing a long-term senior loan of up to $71.7 million to fund the development and construction of a 200-megawatt (MW) onshore wind farm in the Gulf of Suez’s Ras Ghareb region, the bank stated.
With a total cost of $214.75 million, the project aims to sell the generated power to the Egyptian Electricity Transmission Company (EETC) as per a long-term power purchase agreement backed by a sovereign guarantee from the Ministry of Finance.
It also seeks to enhance the private sector’s involvement in the Egyptian power sector and boost the share of renewable energy in the overall energy mix.
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