The OPEC Fund for International Development approved a $40 million loan for the construction of two wind farms in the Gulf of Suez in Egypt. This initiative, led by Hassan Allam Utilities and Saudi renewables leader ACWA Power, will establish a 1.1 GW wind farm—the largest onshore wind project in the Middle East.

The project, part of Egypt’s commitment to sourcing over 40% of its electricity from renewable energy by 2035, is expected to supply clean energy to over 1.3 million households.

The total cost of the development is approximately $1.1 billion, with substantial financial backing also coming from the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB), contributing $200 million and $170 million respectively.

The Gulf of Suez wind farms represent a vital step in Egypt’s sustainability goals and will bolster the nation’s position as a regional leader in renewable energy. The project is anticipated to be operational by 2026, marking a significant milestone in the global push toward clean energy solutions.