BAKU, Azerbaijan, September 18. The European Bank for Reconstruction and Development (EBRD) has announced a $74.1 million financing package for the 200 MW Ras Ghareb onshore wind farm in Egypt, a joint project by Infinity Power and Masdar, Trend reports.
The package includes a $60.7 million senior loan from EBRD, a $3.38 million concessional loan from the Green Climate Fund, and a $10 million investment grant.
Construction is set to begin in the coming weeks, with the project expected to reduce Egypt’s CO₂ emissions by 390,000 tons annually. It will also feature a certified internship program for young engineers, with a focus on women’s participation in the energy sector.
The Ras Ghareb wind farm is part of Egypt’s Nexus on Water, Food and Energy initiative, contributing to the country’s goal of 10 GW of renewable capacity by 2028. Infinity Power, which already operates 1.3 GW of wind and solar projects across Africa, aims to reach 10 GW of clean energy across the continent by 2030.
Harry Boyd-Carpenter, Managing Director of EBRD’s Sustainable Infrastructure Group, said the project highlights the power of international cooperation in advancing renewable energy and building an inclusive, sustainable future.
Since 2012, the EBRD has invested over 13.5 billion euros in 206 projects in Egypt, supporting sectors ranging from finance and agribusiness to sustainable infrastructure and transport.