The project, with a capacity of 1.1 GW, is part of the country’s commitment to expanding renewable energy and reducing carbon emissions under the NWFE program.
The European Bank for Reconstruction and Development (EBRD) has announced a joint financing package of $275 million to support the establishment of Africa’s largest wind power plant in Egypt. The project, with a capacity of 1.1 GW, is part of the country’s commitment to expanding renewable energy and reducing carbon emissions under the NWFE program.
The financing includes $200 million from the EBRD, $60 million from the Arab Bank, and $15 million from Standard Chartered Bank, along with contributions from the African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions und Entwicklungsgesellschaft (DEG), the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP).
Located in the Gulf of Suez, the wind farm is expected to generate over 4,300 GWh of electricity annually, reducing carbon dioxide emissions by more than 2.2 million tons. The plant will deliver clean, renewable, cost-effective energy, significantly supporting Egypt’s transition to sustainable energy.
The project is being implemented by Suez Wind, a private consortium jointly owned by ACWA Power and HAU Energy, with investments from EBRD, Hassan Allam Utilities, and Meridiam Africa Investments.
"Egypt is committed to advancing its renewable energy goals, aiming to reach 42% by 2030, in line with its Nationally Determined Contributions (NDCs). Through our partnership with the European Bank for Reconstruction and Development as a key development partner in the energy pillar of the NWFE program, blended financing is being mobilized to attract private sector investments in renewable energy in Egypt. To date, financing has been secured for projects with a total capacity of 4.7 gigawatts, and efforts continue to achieve the program's objectives of reducing Egypt’s fuel consumption and expanding clean energy projects," Al-Mashat said.
Al-Mashat emphasized that the government's structural reforms have strengthened private sector investments in renewable energy and that empowering the private sector in various sectors is a key part of the ministry's vision to drive economic development. H.E. also commended the European Bank's efforts in mobilizing innovative financing for both local and foreign private sector participants.
This initiative aligns with Egypt’s goal to achieve 42% renewable energy in its energy mix by 2030, as outlined in the country’s Nationally Determined Contributions (NDCs), and contributes to the global efforts against climate change under the Paris Agreement.
