Egypt’s Shokeir Wind Energy signs $588mln loan deal
By Staff Writer
Egypt’s Shokeir Wind Energy has signed a $588 million loan to finance a 900 MW wind power project in the country.
The Japan International Cooperation Bank Corporation (JBIC) said it will contribute $285 million as part of the loan agreement, with additional co-financing from PROPARCO, the Dutch Development Corporation (FMO), Societe Generale, Credit Agrico, and KfW-IPEX Bank.
Shokeir Wind Energy is owned by a consortium of three international and regional partners: ENGIE (35%), Aeolus – the African renewable energy IPP platform of Toyota Tsusho Corporation (40%) – and Egypt’s Orascom Construction (25%).
The onshore wind farm is located near Ras Shokeir on the western coast of the Gulf of Suez. Once operational, the wind farm will be the largest onshore wind project in ENGIE’s global portfolio and will extend the consortium’s installed wind capacity in Egypt to nearly 2 GW.
(Writing by Bindu Rai, editing by Seban Scaria)