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FINANCIAL NEWS
Egypt issues USD296mn EU funding for Wind farm project
28 Nov 2016
(MENAFN) The Egyptian government has inked a deal with European Development Partners in order to secure USD296mn funding for the development of wind farm project.
In addition, with a capacity of 200 MW of renewable elect generation, the project is an integral part of the Egyptian long-term plan to use huge renewable energy potential.
On the other hand, the Gulf of Suez wind farm will produce 650 GWH of emissions-free electricity per year to cover the electricity needs of 370.000 Egyptians.
Meanwhile, the EU will offer a grant of 30mn euro, whereas the Egyptian government will pump 78mn euro for the implementation of the project.
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