The OPEC Fund for International Development (OPEC Fund) has approved a $30 million loan to co-finance Egypt’s 1.1 GW wind energy project, the largest onshore wind initiative in Africa.
This loan positions the OPEC Fund alongside key financial partners, including the European Bank for Reconstruction and Development, African Development Bank, British International Investment, Deutsche Investitions-und Entwicklungsgesellschaft, the Arab Energy Fund, Arab Bank, and Standard Chartered Bank, in supporting the $1.1 billion project.
Abdulhamid Alkhalifa, President of the OPEC Fund, highlighted the institution’s commitment to Egypt’s sustainable development and energy transition through collaboration with public and private sector partners.
Operated by Suez Wind, the project will deliver clean energy to more than one million households, reduce carbon emissions by 2.5 million tons annually, and support Egypt’s ambitious goal of adding 10 GW of renewable energy capacity by 2028.
The OPEC Fund has a strong track record in supporting Egypt’s renewable energy sector, having previously financed the Ombo Solar Plant and the Helwan South Power Plant to drive renewable energy adoption in the country.
