The European Bank for Reconstruction and Development (EBRD) has approved $275 million in financing for a wind farm project located in the Gulf of Suez, Egypt. The project, with a planned capacity of 1.1 GW, is being developed by ACWA Power and Hassan Allam Utilities.
Upon completion, this wind farm will be the largest in Africa and the Middle East. It is part of efforts to increase renewable energy production in Egypt and reduce dependence on non-renewable energy sources. Of the $275 million syndicated loan, EBRD is contributing $200 million. The remaining $75 million is being provided by Arab Bank, which is contributing $60 million, and Standard Chartered, which is contributing $15 million.
The project, valued at $1.1 billion, has also secured additional financing from multiple institutions. The African Development Bank is providing $170 million, while the OPEC Fund for International Development is contributing $40 million. Other financing partners include British International Investment, Deutsche Investitions- und Entwicklungsgesellschaft, and the Arab Petroleum Investments Corporation (APICORP).
The wind farm is expected to add 1.1 GW of renewable energy capacity to Egypt’s grid. This project will contribute to Egypt’s renewable energy targets, which aim to have 42% of the country’s electricity generated from renewable sources by 2035.
Egypt’s Gulf of Suez region is known for its strong wind resources, making it a suitable location for large-scale wind energy projects. The wind farm will help reduce reliance on fossil fuels and lower greenhouse gas emissions in the region.
This project reflects growing international interest in supporting renewable energy initiatives in the Middle East and Africa. It also highlights the role of multilateral development banks and global institutions in financing clean energy projects. The wind farm is part of broader efforts in the region to invest in renewable energy infrastructure.
