IFC FINANCES A USD 83 MILLION WIND FARM IN RAS GHAREB, EGYPT
A US$83 million wind farm in Ras Ghareb, Egypt, is awaiting permission from the International Finance Corporation (IFC). If realised, the 500 MW project would be the biggest wind farm in the nation.
Emirati-Japanese investors plan to fund the project’s construction with an estimated USD 75 million loan and USD 8 million in interest rate swaps.
Construction is anticipated to start in March 2023, and operations will start 2.5 years later. The wind farm would develop into a stand-alone power generator and enter into a 25-year agreement with the Egyptian Electricity Transmission Company to export its renewable energy output.
