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Finance for 220MW Red Sea project

EGYPT: Egypt has secured a loan from the Japan International Cooperation Agency for up to JPY38.864 billion (EUR314 million) to help build a 220MW wind power project on the Gulf of El Zayt, on the Red Sea coast.

The loan is offered at an annual interest rate of 0.3% over 40 years. Scheduled for completion in 2015, the facility will be the country's biggest wind power plant to date, generating around 1% of Egypt's total electricity production, thanks to strong, steady winds averaging more than 10 m/s.

All being well, the facility will earn extra revenue by selling emissions reduction certificates under the Clean Development Mechanism, the UN's carbon offset scheme.

Egypt aims to generate 12% of its electricity from wind energy by 2020, equivalent to 7.2GW. So far it has 430MW turning at Zafarana, 120MW of which was also built with Japanese assistance.

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