AfDB approves $170M loan to back Egypt’s largest wind energy project

Updated 12/4/2024 6:41:00 AM
AfDB approves $170M loan to back Egypt’s largest wind energy project

Arab Finance: The African Development Bank (AfDB) has approved a loan of up to $170 million to support the development of the 1.1-gigawatt Suez Wind Power Project, Egypt's largest wind energy plant, as per a statement.

With an estimated total cost of $1.1 billion, the project is set to play a significant role in the country's renewable energy transition.

The Suez Wind Power Project, located in the Suez Governorate, has already received a golden license from Egypt’s cabinet, officially recognizing it as a strategic initiative.

The project is also expected to receive additional financing from a consortium of Development Finance Institutions (DFIs), banks, and financial institutions.

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