Milbank Advises Lenders on 500 MW Gulf of Suez Wind Project in Egypt

Milbank LLP advised JBIC, NEXI, EBRD, the international and Egyptian commercial banks and the EBL lenders on the US$690 million financing of the 500 MW Gulf of Suez Wind II Project, located in Egypt.

This project will be one of the largest onshore wind power plants in Egypt and will support Egypt's renewable transition and exploitation of the exceptional wind resources in the Gulf of Suez area, delivering clean power at one of the most competitive wind tariffs in the MENA region.

This is the fourth Egyptian wind build-own-operate (BOO) project, on which Milbank has advised, to reach financial close under its power purchase agreement in the space of a few years.

John Dewar, partner in Milbank’s Global Project, Energy and Infrastructure practice in London, said, “We are proud to have been involved in this important and transitional project that will have significant impact on the continued growth of renewable energy in the MENA region. The financing of this groundbreaking Egyptian wind project adds to Milbank’s well-established prominence in both the renewables sector and the Middle East/North Africa region.”

The London-based Milbank team was led by partner John Dewar and associates Vicky May and Jenna Darler, with support from associates Yi Ming Chan and Sophie Lawrence, trainee Yan Chuan Ng, legal assistant Anna Rylik, and JBIC secondee Lewis Blundell, with further support being provided by London Alternative Investments partner James Warbey, associate Adrian Kwok and trainee Eleanor Cripps.