ACWA Power, a Saudi Arabian company, and its consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, have achieved financial close for the 1.1 GW Suez Wind Farm in Egypt. This will be the largest single-contracted wind farm in the Middle East.
The project, located in the Gulf of Suez and the Gabal El-Zeit area, will have an overall investment value of $1.2 billion. It is being funded by a $703.6 million senior debt facility arranged by a group of banks. The lenders include the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). Additional funding from EBRD involves a B loan structure provided by Standard Chartered Bank and Arab Bank.
The wind farm will consist of 138 turbines, each with a capacity of 8 MW and a height of 210 meters. The project will be implemented in two phases, with each phase contributing 550 MW of capacity. Full commercial operations are expected by the second quarter of 2027. Once operational, the wind farm is expected to reduce carbon dioxide emissions by 1.1 million tonnes annually.
The Suez Wind Farm is part of Egypt’s effort to increase the share of renewable energy in its power generation mix to 42% by 2040. The project will contribute to meeting the country’s growing electricity demand while reducing reliance on fossil fuels.
Other renewable energy initiatives in Egypt include the Benban Solar Park, located near Aswan. This project has a total installed capacity of 1.8 GW and is one of the largest solar installations in the world. Another major project is the Zaafarana Wind Farm, which has an installed capacity of 545 MW and contributes to Egypt’s wind energy sector.
