AfDB Invests in Suez Wind Project

Key Figures & Findings: The African Development Bank (AfDB) has approved a $170 million loan to support Egypt’s Suez Wind Project, marking a significant investment in renewable energy. The project, divided into two 550 MW sites along the Gulf of Suez, will bolster Egypt's commitment to achieving 42% renewable energy, the Egyptian Electricity Transmission Company (EETC) is the sole off-taker under a 25-year Power Purchase Agreement, ensuring long-term energy reliability. The Egyptian government has also granted the project a Golden License, streamlining approvals and recognizing its strategic importance.

Statistics & Insights:
The project, estimated at $1.1–$1.5 billion, will generate 4,111 GWh annually, providing clean energy to over one million households. It is expected to cut annual CO₂ emissions by approximately 1.71 million tons, contributing significantly to global climate commitments.

Future Implications:
This project could significantly enhance Egypt’s renewable energy portfolio, potentially attracting further investments into the country’s green energy sector. 

Source: Kenyan Wall Street