The plant will provide clean energy at an unsubsidized tariff that is below the cost of conventional power and it will avoid 550,000 tons of CO2 emissions per year
August 16, 2019. By News Bureau
The European Bank for Reconstruction and Development (EBRD) has announced that it is pacing up its support for renewable energy in Egypt by providing funds to one of the biggest wind farms in Africa. A shared USD 252 million investment by the EBRD, the International Finance Corporation (IFC) and the Overseas Private Investment Corporation (OPIC), will finance a new 250 MW wind farm in the Gulf of Suez.
The second privately-owned wind farm in Egypt will be constructed and operated by Lekela Egypt Wind Power BOO. It is owned by Lekela Power BV, an independent power producer established by Actis Energy Fund III and Mainstrean Renewable Power and focused on onshore wind power generation projects in Africa
The plant will provide clean energy at an unsubsidized tariff that is below the cost of conventional power and it will avoid 550,000 tons of CO2 emissions per year.
The plant profits from the world class wind resources of the Gulf of Suez and is the next phase in Egypt’s renewable transition, leveraging private finance and expertise to build new, highly competitive, clean generating capacity. The project builds on the success of Egypt’s 1.5 GW Benban solar complex, now nearing completion, which is also privately financed and for which EBRD is the largest financier.
Modernizing the energy sector is at the centre of Egypt’s economic transition. The country has massive potential in renewable energy, principally wind and solar. In recent years the EBRD has involved closely with the authorities to create a regulatory and tariff environment which makes investments in renewables attractive and commercially successful.
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