KfW is funding a wind farm in Egypt

07.12.2016

Together with other partners, the KfW bank is funding a wind farm in the coastal region of the Red Sea. The parties involved have signed a corresponding financing agreement. The Gulf of Suez wind farm will have a total capacity of 200 to 250 MW.

The KfW bank has signed a financing agreement with the Egyptian Cooperation Ministry for the Gulf of Suez wind farm in the coastal region of the Red Sea. The agreement was signed on behalf of the German Federal Ministry for Economic Cooperation and Development (BMZ). KfW signed the contract together with its financing partners the European Investment Bank (EIB), Agence Française de Développement (AfD) and the European Commission.

The wind farm will have a capacity of 200 to 250 MW. It will provide power for 370,000 people while saving 300,000 tonnes of CO2. This makes the wind farm an important part of the Egyptian expansion plan, under which 20% of the country's power capacity will be covered using renewable sources by 2020.

"Egypt has considerable bottlenecks in its energy supply. It is experiencing continued economic and population growth, and investments in its power generation capacity are urgently needed to ensure its energy supply. This is a vital factor for the stability of the Mediterranean country", said Dr Norbert Kloppenburg, Member of the Executive Board of KfW Bankengruppe.

The wind farm and its infrastructure will have a total price tag of € 340 million. KfW will be providing € 72 million of that sum. The EIB will provide a loan of € 115 million, the AfD will lend € 50 million and the European Commission will be contributing a grant of € 30 million

Philipp Kronsbein / KfW

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