Infinity Power secures PPA for 200-MW wind project in Egypt

Infinity Power, jointly owned by Egypt’s Infinity and Abu Dhabi-based Masdar, has signed a power purchase agreement (PPA) for a 200-MW wind farm project in the Gulf of Suez region of Egypt.

The long-term deal with Egyptian Electricity Transmission Company (EETC) covers the entire output of the future plant, which is estimated to stand at around 810,000 MWh annually, Infinity Power said on Saturday. The exact duration of the contract was not specified.

The proposed wind farm will be installed in Ras Ghareb to support Infinity Power’s goal of having 10 GW of renewable energy capacity in operation by 2030. The plant’s operations will also contribute Egypt’s national renewable energy ambitions.

The Rhas Ghareb wind scheme is expected to require some USD 214.8 million (EUR 194.4m) in investments. Its developer, which is 51%-controlled by Masdar, is seeking a long-term senior loan of up to USD 64.7 million from the European Bank for Reconstruction and Development (EBRD), which is still pending approval by the lender.

(USD 1.0 = EUR 0.905)

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