The Ministry of Electricity and Energy announced yesterday that the World Bank's Clean Technology Fund (CTF) will give Egypt LE1060 million in soft loans to finance three renewable energy projects. The projects include a 200 megawatt capacity wind power plant, and a network to bring power onshore from wind farms in the Gulf of Suez.
Some of the money would subsidize the cost of wind power and cover the difference in price paid by the Egyptian Electricity Transmission Company and investors in the projects. During his meeting with the CTF mission, Minister of Electricity and Energy Hassan Younis said there is strong relationship between the Egyptian electricity sector and the World Bank through the bank's active contributions to many of the sector's projects in Egypt, as the WB supports Egypt in the field of electric power and climate change within the framework of investment in clean energy. In addition, the WB contributes to supporting the renewable energy projects in Egypt, as the bank gave Egypt $50 million grant to contribute to the implementation of Egypt's first ever solar thermal plant at a capacity of 140 megawatts.
The bank also gave Egypt a grant to prepare the tender documents in the first international tender to select a consulting firm to establish Egypt's first wind farm at a capacity of 250 megawatts under the BOO system.