The European Bank for Reconstruction and Development (EBRD) announced funding of 74.1 million USD for the construction of a 200 MW onshore wind farm in Ras Ghareb in Egypt, which will be developed by Infinity Power and Masdar. The financial institution continues as well as to defend Egypt's ambitions in terms of energy renewable with a new financing agreement for development and construction of a 200 MW wind farm in the Ras Ghareb region

This financing includes a senior loan of the EBRD of up to 60.7 million US dollars, a concessional loan from Green Climate Fund (GCF) up to 3.38 million US dollars and an investment grant of up to $10 million US.

The EBRD is the main partner of development of the Egyptian flagship initiative “Nexus on Water, Food and Energy” (NWFE). She plays a leadership role in the Ras project. Ghareb, mobilizing resources from the Green Climate Fund (GCF), of the Japan International Cooperation Agency (JICA) and Proparco for carry out the wind farm. The construction of the Ras Ghareb wind farm will start in the coming weeks. Once completed, it will contribute significantly in line with Egypt's goal of reaching 10 GW of capacity of renewable energy by 2028 under the NWFE program.

This initiative is based on the commitment resolute of the EBRD in favor of decarbonization and the development of renewable energies in Egypt. Once operational, the wind farm should reduce the country's annual CO2 emissions by 390,000 tons. In addition, the Project will improve skills development and job opportunities by launching a certified internship program for young engineers from region, with an emphasis on empowering women in this sector booming energy.

Harry Boyd-Carpenter, Director General of EBRD Sustainable Infrastructure Group, said: “We are delighted to strengthening our long-standing partnership with our valued Infinity customers and Masdar. This project is a perfect example of what can be achieved when visionary companies join forces with partners committed internationals. Our collaboration with JICA and Proparco, with the crucial support from the GVC, underlines the power of global cooperation, no only to promote renewable energies, but also to build a a more sustainable and inclusive future for all. We express our gratitude to government of Egypt for its constant support and decisive role throughout throughout the project.”

Mohamed Ismail Mansour, co-founder and President of Infinity Power, said, “We are deeply grateful for the support of our financial partners, namely the EBRD, the Green Climate Fund, JICA and PROPARCO, which played a decisive role in the culmination of the Ras Ghareb project. We also welcome the invaluable contributions of the Egyptian transport company of electricity and the Ministry of Finance. Such strong partnerships are essential not only to achieve Egypt's ambitions in terms of of clean energy, but also to accelerate the transition to a brighter future sustainable in Africa.”