OPEC Fund supports 1.1-GW wind farm project in Egypt with $30mln

The OPEC Fund for International Development committed $30 million to develop two wind farms with a total capacity of 1.1 gigawatts (GW) in Egypt’s Gulf of Suez region, according to a press release.

This facility marks Africa’s largest onshore wind power project, which is expected to empower more than 1 million homes and cut carbon emissions by nearly 2.5 million tons annually.

It will be delivered by Suez Wind, a joint venture (JV) between Saudi ACWA Power and HAU Energy.

The project aligns with Egypt’s Nexus of Water, Food & Energy (NWFE) program, aiming to attract international investment in renewable energy and promote sustainable development.

The total project’s cost surpasses $1 billion, co-financed by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Arab Energy Fund.

Arab Bank and Standard Chartered Bank also participated in the transaction through a syndicated loan arranged by EBRD.

The Gulf of Suez wind farm marks a milestone towards achieving Egypt’s target to establish 10 GW of renewable energy capacity by 2028.

The OPEC Fund has contributed to this goal by co-financing the Kom Ombo solar plant, which serves 130,000 households. This is in addition to the Helwan South power plant, which added 1.95 GW of capacity to the grid.