The European Bank for Reconstruction and Development has recently approved a $50 million debt for a 500megawatt wind power project in the Gulf of Suez in Egypt. The project is led by a consortium construct by French giant Engie and Japanese Eurus Energy/Toyota Tsusho Corporation.
Red Sea Wind Energy was set-up to develop wind energy projects in Egypt. The organization is owned by the French group Engie and the Japanese Toyota Tsusho Corporation/Eurus Energy. The consortium has already successfully constructed a wind farm that is already injecting 262.5 megawatts into the Egyptian electricity grid from Ras Ghareb.
A global cost of 560 million dollars
Red Sea Wind Energy’s wind project is being constructed 45 km from the city of Ras Ghareb. According to the European Bank for Reconstruction and Development, the project will contribute significantly to the transition to a low-carbon economy in Egypt, A North African country is dependent on thermal power-producing. The wind project will also help the government’s ambition to generate 20% of the country’s electricity from clean sources by 2022 and 42% by 2035. “The project will be expected to bring valuable environmental advantage, with annual avoided carbon dioxide (CO2) falling estimated at approximately 1,000,000 tonnes,” says the EBRD.
A total investment of $560 million will be expected to equip the wind project. The future wind field will also have a cost for the atmosphere. The Gulf of Suez, particularly the area of Ras Ghareb, is coveted by independent power producers (IPPs). In addition to the Red Sea Wind Energy project, the German-Spanish company Siemens Gamesa has got approval from the Egyptian authorities to generate 500 megawatts from two wind areas of 180 and 320 megawatts.