Egypt: EIB to finance new Gulf of Suez wind farm

A €115m loan for the New & Renewable Energy Authority (NREA) is under appraisal at the European Investment Bank (EIB) to finance a 200MW wind farm in the Gulf of Suez.The loan represents 31.9% of the total cost of the plant, estimated at €360m. The government aims to increase wind energy’s share of total generation capacity to 12% by 2020, and the NREA prequalified 28 wind power projects in January.