BAKU, Azerbaijan, January 3. ACWA Power, a global leader in energy transition and private water desalination, alongside consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, has finalized the financial close for the landmark 1.1 GW Suez Wind Farm project in Egypt, Trend reports with reference to ACWA Power.
Set to become the largest single-contracted wind farm in the Middle East, the project represents a major step towards supporting Egypt’s goal of increasing renewable energy's share in electricity generation to 42% by 2040.
The project has secured a senior debt facility of $703.6 million from a consortium of international financial institutions. Key contributors 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). EBRD’s senior debt facility also incorporates a B loan structure, supported by Standard Chartered Bank and Arab Bank.
With an overall investment value of $1.2 billion, the wind farm will be located in Egypt's Gulf of Suez and Gabal El-Zeit regions. ACWA Power holds a majority 70% stake, while HAU Energy owns the remaining 30%.
Once operational, the project will contribute to reducing carbon emissions by 1.1 million tonnes annually. The wind farm will feature 138 turbines, each with a capacity of 8 MW and standing 210 meters tall. The development will be implemented in two phases, each delivering 550 MW of capacity. Full commercial operations are scheduled for the second quarter of 2027.
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