Africa’s Largest Onshore Wind Farm Secures Support from the OPEC Fund
OPEC Fund for International Development Supports Africa’s Largest Onshore Wind Energy Project
The OPEC Fund for International Development is committing $30 million to finance the construction of two wind farms with a combined capacity of 1.1 GW in Egypt’s Gulf of Suez region. The project, carried out by Suez Wind—a joint venture between ACWA Power and HAU Energy—will supply energy to over one million households and reduce carbon dioxide emissions by approximately 2.5 million tons annually.
Partnerships for Sustainable Development
The Gulf of Suez wind farm aligns with Egypt’s “Nexus of Water, Food & Energy (NWFE)” program, which aims to attract international investments in renewable energy and promote sustainable development. The project’s total cost exceeds $1 billion and is co-financed by institutions such as the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Arab Energy Fund. Additionally, Arab Bank and Standard Chartered Bank provided support through a syndicated loan organized by the EBRD.
Abdulhamid Alkhalifa, President of the OPEC Fund, emphasized the importance of collaboration in addressing climate change:
“This groundbreaking project demonstrates how partnerships can drive climate action and development solutions. Our $30 million contribution builds on long-standing cooperation with Egypt and strong relationships with both public and private sector partners. This project confirms our commitment to supporting sustainable development and the country’s energy transformation.”
A Milestone for Egypt’s Energy Transition
The Gulf of Suez wind farm project is a key step toward Egypt’s goal of achieving 10 GW of renewable energy capacity by 2028. The OPEC Fund actively supports these efforts, co-financing projects such as the Kom Ombo solar power plant, which supplies 130,000 households, and the Helwan South power plant, which added 1.95 GW to the national grid.
Financial and Technical Project Details
The $1.2 billion investment will be executed in two phases, each with a capacity of 550 MW, totaling 1.1 GW. The project will include 138 turbines, each 210 meters tall with an output of 8 MW.
ACWA Power holds a 70% stake in the project, while HAU Energy, a subsidiary of Hassan Allam Utilities, owns the remaining 30%. The project is expected to be completed by Q2 2027, with full operation enabling the elimination of 2.5 million tons of CO₂ annually.
Amr Allam, Co-CEO of Hassan Allam Holding, remarked:
“Securing financing for the Suez Wind project is a significant milestone in its development. Our collaboration with ACWA Power highlights our commitment to clean energy and the energy transition. We are proud to be part of this groundbreaking project, which will positively impact Egypt’s energy landscape.”
Ongoing Collaboration with ACWA Power
The OPEC Fund and ACWA Power share a strong history of collaboration. To date, the OPEC Fund has invested over $200 million in ACWA Power projects, totaling 3.5 GW of capacity across various countries.
ACWA Power is a global leader in private-sector water desalination and plays a key role in the development of green hydrogen and renewable energy worldwide. The Gulf of Suez wind farm project supports Egypt’s goal of achieving a 42% share of renewable energy in its energy mix by 2040.
Source: techafricanews.com