Africa Finance Corporation backed Infinity Power has reached financial close for a $153 million wind farm in Egypt, set to power 300,000 homes and cut CO2 emissions.
The Ras Ghareb Wind Farm project, located in the Gulf of Suez, secured senior debt financing from the European Bank for Reconstruction and Development, France’s Proparco, and the Japan International Cooperation Agency.
China’s POWERCHINA has begun construction as the engineering, procurement, and construction contractor, with operations expected to commence in 2027.
The 200 megawatt facility will generate approximately 810,000 megawatt hours of clean electricity annually and reduce carbon dioxide emissions by 390,000 tonnes per year.
Sameh Shenouda, Executive Director of Africa Finance Corporation (AFC), highlighted the deal’s significance, stating, “The funding exemplifies AFC’s collaborative role.”
Infinity Power, a joint venture between AFC, Masdar and EBRD, operates 1.3 gigawatts of renewable capacity across Africa and aims to expand to 10 gigawatts by 2030.
