Cairo - Mubasher: The OPEC Fund for International Development unveiled $30 million investments to co-finance Africa’s largest onshore wind power project, according to a press release.
The financing includes the development of two 550 megawatts (MW) wind farms with a total capacity of 1.10 gigawatts (GW) in Egypt’s Gulf of Suez region.
The $1 billion project is backed by Suez Wind, a joint venture (JV) between ACWA Power and HAU Energy. It will empower more than 1 million homes and reduce carbon emissions by around 2,5 million tonnes on an annual basis.
The Suez Wind Farm aligns with Egypt’s Nexus of Water, Food & Energy (NWFE) initiative to bolster renewable energy and promote sustainable development.
The facility is co-financed by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG) and the Arab Energy Fund.
Abdulhamid Alkhalifa, President of the OPEC Fund, said: “This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions. Our $30 million contribution builds on our long-standing collaboration with Egypt and our strong ties with public and private development partners.”
Egypt has secured $1.30 billion in financing from the OPEC Fund since 1976, supporting 85 projects.
Meanwhile, the OPEC Fund has committed over $200 million to ACWA Power’s renewable energy plans, with a combined total project cost of $3 billion and a generation capacity of 3.50 GW.
