Egypt wind farm reaches financial close – MEED
- Date: 03-Apr-2023
- Source: MEED
- Sector:Agriculture
- Country:Egypt
Egypt wind farm reaches financial close – MEED
The Red Sea Wind Energy consortium has achieved financial close for its 500MW Gulf of Suez wind farm project located near Ras Ghareb
The Red Sea Wind Energy consortium reached financial close for its 500MW Gulf of Suez wind farm project near Ras Ghareb, Egypt, on 3 April.
The project will be executed in two phases and connect to the grid by the third quarter of 2025. The consortium will operate and maintain the plant under a 25-year power-purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC). Egypt's Ministry of Finance is backing the EETC's obligations under the PPA.
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