The state news agency MENA reported that Egypt is set to secure a $430 million loan from Japan to fund a 220-megawatt wind farm as it tries to boost its renewable energy output. The report added that the loan, inked this week, will be used to build a wind farm in Gebel el Zeit on the Gulf of Suez.
Egypt has been developing wind power along its eastern Red Sea coast. It aims to generate 12 percent of its power from wind and 20 percent from renewable overall by 2020.
Egypt is looking to develop alternative energy sources, including nuclear and solar, as reports indicate that Egypt’s combined oil and gas reserves will last it roughly three decades.
Earlier, Egypt announced it will get a $ 100 million loan from Kuwait fund for Arab Economic Development to found a 1,300 megawatt power plant in the Red Sea coastal town of Ein El Sokhna, east of Cairo.