Ras Ghareb Wind Farm to receive a $501 million syndicated loan. The Japan Bank for International Cooperation (JBIC) signed on March 3 a loan agreement in project financing amounting to up to approximately $240 million (JBIC portion) with Red Sea Wind Energy of Egypt, invested in by, inter alia, Toyota Tsusho Corporation and Eurus Energy Holdings Corporation, for a subsequent project to the Ras Ghareb onshore wind farm project.

The loan is co-financed with the European Bank for Reconstruction and Development (EBRD), Sumitomo Mitsui Banking Corporation, the Norinchukin Bank, and Société Générale S.A. This brings the total co-financing amount to approximately USD501 million. Nippon Export and Investment Insurance (NEXI) will provide the insurance for the loan by the private financial institutions. In October 2022, JBIC signed a memorandum of understanding (MOU) with the EBRD to fortify cooperation between the two organizations.

In this project, Red Sea will build, own, and operate a 500 MW onshore wind farm in Ras Ghareb within the Red Sea Governorate along the shore of the Gulf of Suez, 200 km southeast of Cairo, the capital of Egypt. Red Sea will also sell the electricity generated by the wind farm to Egyptian Electricity Transmission Company for a duration of 25 years.

The loan is in line with this policy and will financially support an overseas infrastructure project where Japanese companies have invested and will be involved in its operation and management for the long term, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.