Egypt has obtained $275 million in funding to construct and operate the continent’s largest wind farm, the Suez Wind Project.
The European Bank for Reconstruction and Development (EBRD) contributed $200 million, with an additional $75 million provided by Arab Bank and Standard Chartered.
The project is co-financed by multiple international organizations, including the African Development Bank, British International Investment, Germany’s Deutsche Investitions-und Entwicklungsgesellschaft, Opec Fund for International Development, and the Arab Petroleum Investments Corporation.
Situated in the Gulf of Suez, the wind farm will boast an installed capacity of 1.1 gigawatts (GW), supplying renewable energy at costs lower than traditional power generation.
It is projected to generate over 4,300 GWh of electricity annually, cutting CO2 emissions by more than 2.2 million tonnes per year. This aligns with Egypt’s commitments under the Paris Agreement.
The Suez Wind Project is a key initiative under Egypt’s Nexus of Water, Food & Energy (NWFE) program, launched at COP27.
The project contributes to NWFE’s 10 GW renewable energy target and supports Egypt’s transition to a decarbonized energy sector.
The wind farm is being developed by Suez Wind, a special-purpose entity co-owned by Saudi-listed ACWA Power and HAU Energy, a renewable energy platform established by EBRD, Hassan Allam Utilities, and Meridiam Africa Investments.
Egypt’s Minister of Planning and Economic Development, Rania Al-Mashat, highlighted progress toward renewable energy goals, noting that funding has been secured for projects with a total capacity of 4.7 GW.
“We are working collaboratively to meet the program’s targets to reduce Egypt’s fuel consumption and expand clean energy projects,” Al-Mashat stated.
As a founding member of the EBRD, Egypt has invested €13.3 billion ($13.8 billion) across 194 projects, showcasing its commitment to sustainable development and renewable energy leadership in Africa.
