EBRD mulls loans for 406 MW of wind projects in Egypt, Georgia

The European Bank for Reconstruction and Development (EBRD) this month started examining applications for close to USD 200 million (EUR 187m) in loans for two separate onshore wind projects in Egypt and Georgia with a combined capacity of 406 MW.

The lender is considering a long-term senior loan of up to USD 79.1 million (EUR 73.7m) to support the development and construction of a 200-MW wind farm in Ras Ghareb located in the Gulf of Suez region.

The project is owned by Masdar, as a majority shareholder with a 51% stake, and Infinity Energy holding the remaining 49%. Its total cost is estimated at USD 214.8 million.

The output of the facility will be supplied to the Egyptian Electricity Transmission Company (EETC) under a long-term power purchase agreement (PPA) backed by a sovereign guarantee from the local ministry of finance.

On the other hand, the project in Georgia could get a loan of up to USD 119 million for the development, construction and operation of a 206-MW project in the municipalities of Gori and Kareli. The total cost of the Ruisi Wind project, sponsored by local construction firm Peri LLC, is USD 230 million.

A ruling on the Egyptian scheme is anticipated on July 24, while the deadline set for the Georgian project is July 17.

(USD 1 = EUR 0.932)

Choose your newsletter by Renewables Now. Join for free!