The project has been financed by the European Union (EU), German Development Bank, and European Investment Bank, according to online news reports.
“The wind farm in the Gulf of El Zeit is a leading source of renewable energy that will help bolster Egypt’s economy, create jobs and reduce pollution from greenhouse gases,” said EU ambassador to Egypt James Moran, who inaugurated the plant along with Egypt’s Minister of Electricity and Renewable Energy Mohamed Shaker on Sunday.
The plant can reportedly generate as much as 800 gigawatts per year, which is equivalent to the electricity consumption of 500,000 people with savings of up to 400,000 tonnes of carbon dioxide.
“The new wind farm will increase Egypt’s wind capacity by 35 percent and will reduce carbon emissions by 400,000 tonnes a year,” said Moran.
The EU contributed $32 million in the project while the European Investment Bank put in $53 million and the German Development Bank, the project’s main donor, invested $203 million.
The project is part of the Egyptian government’s plans to encourage renewable energy to control fuel shortages and diversify energy sources with technical and economic support from Europe.
EU released a statement saying Egypt has great potential in the field of solar and wind power whose development is fundamental to solving the country’s energy crisis, and limit pollution especially in populated areas of the Nile Delta and Cairo.
The EU also confirmed that another wind farm is being built with European funding in the Gulf of Suez, northeast of Cairo, which will be ready in 2016.