TOKYO (Reuters) – Japan’s Sumitomo Corp said on Thursday it had signed a loan agreement to finance its onshore wind farm project in Egypt that would generate about 500 megawatts of electricity in Ras Ghareb, along the Gulf of Suez.
Sumitomo will get financing from a group of banks including Japan Bank for International Cooperation (JBIC), International Finance Corporation (IFC), Sumitomo Mitsui Banking Corp and others, it said in a statement, but did not disclose the loan amount.
The project, in partnership with renewable energy developer AMEA Power, would begin operation in 2025, selling electricity to Egypt’s state-owned Egyptian Electricity Transmission Company over roughly 25 years. Power generation would be equivalent to annual consumption of about 1 million households, it said.
(Reporting by Chang-Ran Kim; Editing by Rashmi Aich)
