EBRD weighs debt for 1.1-GW Egypt wind project with Envision turbines

The European Bank for Reconstruction and Development (EBRD) is considering providing financing of up to USD 200 million (EUR 185m) for a 1.1-GW wind project in the Gulf of Suez region, Egypt, according to a project summary document, published on its website on Thursday.

The project company, Suez Wind Energy, will be owned by Saudi Arabia's ACWA Power (TADAWUL:2082) and HAU Energy, a new platform that will be ultimately owned by Meridiam, Hassan Allam Utilities and EBRD with stakes of 45%, 30% and 25%, respectively.

According to the document, turbines by China’s Envision Energy have been selected for the project. A supply chain due diligence is currently being carried out by the developer.

EBRD said the project, to be developed over two plots of land, will support Egypt’s renewable energy targets and will form part of the 10-GW renewable energy capacity objective of the Energy Pillar of the Nexus for Water, Food, Energy. Its total costs are estimated at over USD 1.06 billion.

In January, ACWA Power signed a usufruct agreement with the Egyptian government for the 1.1-GW Suez Wind Energy project.

(USD 1 = EUR 0.927)

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