Renewable energy firm ACWA Power and consortium partner HAU Energy have reached financial close for the 1.1 GW Suez Wind Farm in Egypt.
The project has secured a senior debt facility of $703.6 million from a consortium of banks. The total cost of the project is expected to be $1.2 billion, which marks the largest single-contracted wind farm in the Middle East.
The wind farm will consist of 138 turbines, each with a capacity of 8 MW, and will be developed in two 550-MW phases. Full commercial operations are expected by Q2 2027, supporting Egypt’s target of 42% renewable energy in its generation mix by 2040.
The consortium of financial institutions supporting the project includes the European Bank for Reconstruction and Development (EBRD), the African Development Bank, the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development and the Arab Petroleum Investments Corporation.
The EBRD’s financing includes a B loan structure provided by Standard Chartered Bank and Arab Bank.
