Finance for 220MW Red Sea project

摘要

Egypt has secured a loan from the Japan International Cooperation Agency for up to JPY38.864 billion (€314 million) to help build a 220MW wind power project on the Gulf of El Zayt, on the Red Sea coast. The loan is offered at an annual interest rate of 0.3% over 40 years. Scheduled for completion in 2015, the facility will be the country's biggest wind power plant to date, generating around 1% of Egypt's total electricity production, thanks to strong, steady winds averaging more than 10 m/s. All being well, the facility will earn extra revenue by selling emissions reduction certificates under the Clean Development Mechanism, the UN's carbon offset scheme.