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Jbic agrees $240m loan for Egypt wind project

10 March 2023

Japan Bank for International Cooperation (Jbic) has signed a loan agreement to finance up to $240m of a 500MW wind farm project in Ras Ghareb in Egypt's Gulf of Suez.

It signed the agreement with Red Sea Wind Energy, which comprises France’s Engie, Japan’s Eurus Energy Holdings Corporation and the local Orascom Construction.

The developer team signed an agreement with the Egyptian Electricity Transmission Company for the scheme in October 2021. Construction works started on the project started in of November last year.

The loan is co-financed with the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank and Societe Generale, which brought the total co-financing amount to approximately $501m, according to Jbic.

Nippon Export and Investment Insurance (Nexi) will provide the insurance for the loan by the private financial institutions.

According to Jbic, this is the first co-financing project with EBRD since the two companies signed a memorandum of understanding "to fortify cooperation between the two organisations" in October last year.

The 500MW Ras Grareb wind IPP project will be implemented on a build-own-operate basis, with a contract duration of 20 years.

Engie and Eurus each own a 37.5 per cent share in the project, while Orascom has taken a 25 per cent stake.

Eurus Energy Holdings Corporation is a joint venture of Toyota Tsusho Corporation and Tokyo Electric Power Company.

The team had previously implemented a wind IPP project in Egypt. The 262.5MW wind project, also located in Ras Ghareb, was completed in 2019.

These projects support Egypt's goal to source 42 per cent of its total energy production from renewables by 2035.

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Jennifer Aguinaldo

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