The International Finance Cooperation (IFC) could be distributing $83 million to an Emirati-Japanese consortium for a planned 500-megawatt wind farm in the Egyptian Ras Ghareb.

The financing, which would partly fund the project, is currently awaiting approval. It will consist of a $75 million loan and interest rate swaps worth around $8 million, according to the IFC.

The IFC called the project “Egypt’s largest wind farm,” a greenfield 500-megawatt wind power project located around 9KM northwest of Ras Ghareb in the wind-rich Gulf of Suez region.

The wind farm is set to be built by Amunet Wind Power Company, a local special-purpose vehicle owned by UAE’s AMEA Power (60%) and Japan’s Sumitomo Corporation (40%).

The project will be an independent power producer which will sell generated power to the Egyptian Electricity Transmission Company (EETC) under a 25-year Power Purchase Agreement.

Construction on the project is set to begin in March 2023 with operations expected in two and a half years.

Egypt’s oil and gas sector has reduced its CO2 emissions by 1.34 million tons through several major projects.