Egypt’s 1.1 GW Suez Wind Project

November 11, 2024 • Estimated Reading Time: 2 minutes

Key Figures & Findings: The European Bank for Reconstruction and Development (EBRD) has announced potential debt financing of $200 million to support Suez Wind Energy, a special purpose vehicle (SPV) created to construct and operate a substantial 1.1 GW wind farm in Egypt’s Gulf of Suez. This initiative aligns with Egypt’s renewable energy strategy under the Nexus for Water, Food, and Energy (NWFE) program, aiming to add 10 GW of renewable energy by 2030. The project aims to provide competitively priced clean energy while significantly lowering carbon emissions by tapping into the Gulf of Suez's optimal wind conditions.

Statistics & Insights: Upon completion, the wind farm is expected to cut CO₂ emissions by around 2.2 million tonnes annually, addressing both environmental and energy needs. With financial structuring by the EBRD, the project benefits from extended repayment periods and reduced risks, making it financially sustainable.

Future Implications: Should financing proceed, the Suez Wind Energy project could be operational by 2027, contributing to Egypt’s climate resilience goals. This project will also strengthen investor confidence in Egypt’s renewable sector, encouraging further development in green energy infrastructure.