The Egyptian Ministry of Electricity and Renewable Energy initiated a project worth EGP 5 billion to establish the hugest wind farm in the Middle East, as part of the country’s plans to increase renewable energy usage in Egypt, Amwal Al Ghad reported.
The wind farm is set to be located in the Suez Bay, and will be funded through several international entities’ investments. The French Development Agency will provide a loan of around $60.21 million to the project, the German Development Bank will fund the project with around $86.7 million loan, 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.