Red Sea Wind Energy, a joint-stock company that has been incorporated in Egypt, has secured a loan of up to USD 100 million from the European Bank for Reconstruction and Development (EBRD) to establish the largest onshore wind farm in Africa.

Located in the Gulf of Suez area, this 500 MW wind farm will reduce around a million tons of CO2 emissions per year, which is the equivalent of taking 217,000 cars off the street. Meanwhile, the energy generated from the farm will also be sold to the Egyptian Electricity Transmission Company (EETC) over a period of 25 years.

The farm will be one of the first to be built under the Energy Pillar of Egypt’s Country platform for the NWFE programme, which was launched during the COP27 UN Climate Change Conference in Sharm El Sheikh in November 2022. It will also be the country’s third private wind farm in operation.

Red Sea Wind Energy is owned by a number of sponsors including Engie, Orascom Construction, Toyota Tsusho Corporation and Eurus Energy.