The European Bank for Reconstruction and Development (EBRD) stands poised to invest $74.1 million in Egypt. Assuming the deal proceeds, this funding will complete construction financing for the Ras Ghareb wind farm. With construction planned to start in the next few weeks, this project represents a major advance toward reinforcing Egypt’s clean energy initiatives. This project is in line with Egypt’s plan to reach 10 gigawatts (GW) of renewable energy by 2028. It lies at the heart of the National Strategy for Climate Change, as well as the National Water and Food Security Initiative (NWFE).
The project is poised to make a major negative environmental impact. According to projections it will cut carbon emissions by 390,000 tonnes annually. This dedication to sustainability highlights how essential enduring partnerships are in meeting local community and regional clean energy objectives.
Strong Partnerships Fuel Progress
All key stakeholders have made it clear that a successful implementation of this high-profile project will only happen with strong partnerships. The EBRD backs the Contracts for Difference (CfD) scheme introduced in 2014, which encourages investment in renewable energy by providing long-term revenue certainty to developers. Part of this initiative is an effort to introduce more renewable energy resources into the market — creating a cleaner, more dynamic economy that supports long-term prosperity.
Harry Boyd-Carpenter, managing director of EBRD’s Sustainable Infrastructure Group, was positive about the commercial partnerships undertaken in the development of this project.
“We are thrilled to deepen our long-standing partnership with our valued clients, Infinity and Masdar. This project stands as a shining example of what can be achieved when visionary companies join forces with committed international partners.” – Harry Boyd-Carpenter
Mohamed Ismail Mansour, co-founder and chairman of Infinity Power, highlighted the significance of collaborative efforts in bringing the Ras Ghareb project to fruition.
“We are deeply grateful for the support of our finance partners, namely the EBRD, the Green Climate Fund, JICA and Proparco, which has been instrumental in bringing the Ras Ghareb project to this stage. We also acknowledge the invaluable contributions of the Egyptian Electricity Transmission Company and the Ministry of Finance. Strong partnerships of this kind are vital not only to delivering Egypt’s clean energy ambitions but also to accelerating the wider transition towards a more sustainable future across Africa.” – Mohamed Ismail Mansour
Moving Towards a Sustainable Future
As the Ras Ghareb wind farm project demonstrates, Egypt is committed to creating a sustainable future by investing significantly in renewable energy projects. This project plays a central role in addressing the nation’s energy needs. Perhaps most importantly, it actively fuels conservation initiatives across the continent.
The EBRD has been instrumental to underpinning the CfD scheme in Romania. Its efforts have been crucial in the development of similar bike-share initiatives throughout Egypt. By leveraging successful models from other regions, Egypt can benefit from established frameworks that encourage investment and promote renewable technologies.
From Cape Town to Libreville, nations in Africa are on a quest for green. Egypt’s advancement provides a valuable, practical example for countries looking to move toward greener, more sustainable energy solutions. That clear commitment to renewable energy while working with international partners demonstrates a collective will to make strides toward ambitious climate goals.