Africa’s Largest Wind Farm Secures $275M Loan

Key Figures & Findings:
The European Bank for Reconstruction and Development (EBRD) has arranged a $275 million syndicated loan to support the construction of the 1.1 GW Suez Wind Project in Egypt’s Gulf of Suez. The project, co-owned by ACWA Power and HAU Energy and co-financed by global development partners including the African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), OPEC Fund, and APICORP forms part of Egypt’s ambitious renewable energy goals. This transformative project aims to provide renewable energy below conventional generation costs.

Statistics & Insights:
The wind farm will produce over 4,300 GWh of electricity annually, slashing CO2 emissions by more than 2.2 million tonnes. This will make it the largest wind farm in EBRD’s operational regions and a pivotal element of Egypt’s target to achieve 42% renewable energy by 2030.

Future Implications:
Once operational, the wind farm could contribute significantly to Egypt's Nexus of Water, Food & Energy (NWFE) programme by advancing the country’s clean energy goals and helping decarbonize its power sector

Source: EBRD