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EBRD grants $74.1mn for 200 MW wind farm in Ras Ghareb

Infinity Power will build a new onshore wind farm in Egypt with financing led by the EBRD and backed by several international partners.

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Infinity Power, a joint venture between Infinity and Masdar, is set to begin construction of a new 200-megawatt onshore wind farm in the Ras Ghareb region of north-eastern Egypt. The project is funded by a consortium of international institutions led by the European Bank for Reconstruction and Development (EBRD), which is providing a total package worth $74.1mn. This includes a $60.7mn senior loan from the EBRD, a $3.38mn concessional loan from the Green Climate Fund (GCF), and an investment grant of $10mn.

Project aligned with Egypt’s NWFE programme

The initiative is part of Egypt’s Nexus on Water, Food and Energy (NWFE) programme, which aims to reach 10 gigawatts of renewable capacity by 2028. As the lead development partner for the programme’s energy component, the EBRD is coordinating the Ras Ghareb project and has secured co-financing from the Japan International Cooperation Agency (JICA) and Proparco, the investment arm of the French Development Agency (AFD). Construction is scheduled to begin in the coming weeks.

Infinity Power’s long-term operational target

Infinity Power currently operates 1.3 GW of wind and solar assets across Egypt, Senegal and South Africa, and has a development pipeline of an additional 16 GW across the continent. The company aims to reach 10 GW of total capacity by 2030. It is also expanding into battery storage, green hydrogen, and electric transmission infrastructure.

Multi-stakeholder approach to financing

The EBRD highlights this project as an example of successful international cooperation in energy infrastructure financing. The support of the Egyptian government, through the Egyptian Electricity Transmission Company (EETC) and the Ministry of Finance, was instrumental in advancing the project. Once operational, the wind farm is expected to reduce annual carbon dioxide emissions by 390,000 tonnes.

Local impact on employment and technical training

The project will include a certified internship programme for young engineers in the region. The initiative aims to boost local employment with a specific focus on integrating women into technical roles within the energy sector.

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