A delegation from the German Development Bank visits renewable energy projects in Suez and Zafarana

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A high-level delegation from the German Development Bank “KFW” will visit the site of the wind power plant implemented by Vestas in the Gulf of Suez, and the site of the solar power plant in Zafarana, next Wednesday, to follow up the progress of work in the two projects.

Sources told Al Borsa that the bank has disbursed two tranches of financing allocated to the 250 megawatt wind power plant implemented by Vestas, and another tranche is scheduled to be disbursed according to the progress of work in the project.

The sources indicated that the shipment of iron plates to be used in the manufacture of wind turbine towers arrived from Indonesia, and another shipment is scheduled to arrive within days.

The sources added that KFW Bank officials will discuss with electricity and renewable energy officials in Egypt ways to contribute to financing other projects, especially green hydrogen production projects.

The investment cost of the project is about 228 million euros, equivalent to about 4.3 billion pounds, to be financed from the umbrella agreement between Egypt and the European partners (the French Development Agency, the European Union, the European Investment Bank and the German Development Bank).

It is planned to complete the implementation of the project, operate it and connect it to the electrical network in a period of 35 months. It is expected that the annual electricity production will reach 840 gigawatt-hours, which will contribute to saving about 175,000 tons of oil equivalent annually and reduce the emission of 475,000 tons of carbon dioxide annually.

The project provides 4,000 temporary job opportunities during the implementation phase and 100 permanent jobs throughout the project’s 20-year life span.

The sources said that Samcrete is completing the road works and rules for the wind power plant, which will be implemented by Vestas, and the timetable for implementing the projects has been agreed upon in coordination with the New and Renewable Energy Authority.

The article was written in Al Borsa newspaper, a delegation from the German Development Bank visits renewable energy projects in Suez and Zafarana.