- The EBRD approved a $74.1m financing package, including loans and grants from partners to Infinity Power and Masdar for a 200MW wind farm in Ras Ghareb, Egypt.
- The project will cut 390,000 tonnes of CO₂ annually and support Egypt’s 10GW renewable energy target by 2028.
The European Bank for Reconstruction and Development (EBRD) will provide a $74.1 million (E£3.57bn) financing package to support developing and constructing a 200MW onshore wind farm in Ras Ghareb, Egypt.
Infinity Power and Masdar are developing the project through a joint venture, with construction scheduled to begin in the coming weeks. The financing package includes an EBRD senior loan of up to $60.7 million, a concessional loan of $3.38 million from the Green Climate Fund (GCF), and an investment grant of $10 million.
As Egypt’s lead development partner for the Nexus on Water, Food and Energy (NWFE) initiative, EBRD is coordinating with GCF, the Japan International Cooperation Agency (JICA), and Proparco to ensure the project’s delivery.
Harry Boyd-Carpenter, managing director of the EBRD’s Sustainable Infrastructure Group, said the collaboration demonstrates “the power of global cooperation in advancing renewable energy while building a more sustainable and inclusive future.”
Furthermore, the Ras Ghareb project will contribute to Egypt’s target of achieving 10GW of renewable capacity by 2028 under the NWFE programme. Once operational, the wind farm will cut annual carbon emissions by 390,000 tonnes. It will also launch a certified internship programme for young engineers, focusing on increasing women’s participation in the energy sector.
Infinity Power co-founder and chairman Mohamed Ismail Mansour welcomed the financing support, noting that strong partnerships with EBRD, GCF, JICA, Proparco, and Egyptian authorities are “vital to delivering Egypt’s clean energy ambitions and accelerating the wider transition across Africa.”