Our friends at Infinity Power and UAE’s Masdar will break ground on their 200 MW Ras Ghareb wind farm within weeks after securing a USD 74.1 mn financing package led by the European Bank for Reconstruction and Development (EBRD), according to a press release (pdf).

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The breakdown: The package includes a USD 60.7 mn senior loan from the EBRD and a USD 3.4 mn concessional loan from the Green Climate Fund. The wind farm will also receive a USD 10 mn investment grant, with additional co-financing coming from Japan’s JICA and France’s Proparco.

REFRESHER- The Ras Ghareb wind farm is being developed by Masdar and our friends at Infinity Power under a power purchase agreement signed with the Egyptian Electricity Transmission Company in August 2024. The project will cost around USD 216.7 mn and is expected to come online by May 2027. The wind farm was one of three projects to receive a golden license from the Madbouly government in July.

In line with our decarbonization plans: The wind farm is expected to cut CO2 emissions by 390k tons per year and power more than 300k homes.

More than just green energy: The plant will “enhance skills development and employment prospects by launching a certified internship program for young engineers in the region, with a particular focus on empowering women to participate in the burgeoning energy sector,” the statement read.

What they said: “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,” said Infinity Power Chairman Mohamed Mansour.

There’s more in the pipeline for Infinity and Masdar: The two companies, alongside Hassan Allam Utilities, are building a USD 10 bn, 10 GW wind farm in Sohag that is set to be one of the largest wind farms globally.

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