Egypt has secured a $275 million grant to build and operate Africa’s largest wind farm.
The loan to Suez Wind Power includes $200 million from the European Bank for Reconstruction and Development (EBRD) and $75 million from the Arab Bank and Standard Chartered Bank.
The program is co-financed by the African Development Bank, the UK International Investment Corporation, Germany’s Deutsche Investment AG, the OPEC Fund for International Development and the Arab Petroleum Investment Company.
The wind farms in the Gulf of Suez have a capacity of 1.1 gigawatts (GW) and provide renewable energy at a lower cost than conventional plants.
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Cairo is expected to generate more than 4,300 GWh of electricity annually and reduce CO2 emissions by more than 2.2 million tonnes per year, per its commitments under the Paris Agreement. The EBRD is a key development partner in the energy pillar of Egypt’s Water, Food and Energy (NWFE) project, announced at COP27.
The wind farm is one of the first projects created by the NWFE energy pillar and contributes to a 10 GW renewable energy project. It supports Egypt’s broader efforts to decarbonize its fossil fuel-heavy energy sector and meet its renewable energy targets.
The Suez Wind Power is a special-purpose vehicle jointly owned by Saudi Arabian company Acwa Power and HAU Energy, a renewable energy company established by the European Bank for Reconstruction and Development, Hassan Allam Utilities and Meridiam.
Egypt is a member of the European Bank for Reconstruction and Development and has invested 13.3 billion euros ($13.8 billion) in 194 projects across the country.
