Egypt’s 1.1 GW Suez Wind Project, the country’s largest wind energy initiative, has secured a $170 million loan from the African Development Bank (AfDB). The AfDB’s financing will be combined with contributions from a consortium of development finance institutions, banks and financial institutions to support the construction of the project.
Located in the Gulf of Suez, the $1.1 billion project will consist of two 550 MW wind farms, generating 4,111 GWh of electricity annually and powering over one million households. The project is expected to reduce carbon emissions by 1.71 million tons each year. The energy generated will be supplied to the Egyptian grid through a 25-year power purchase agreement with the Egyptian Electricity Transmission Company.
“This project not only facilitates the Government of Egypt’s efforts to achieve 42% of renewable energy in its energy mix by 2030, but also drives local economic growth and strengthens regional energy security,” stated Kevin Kariuki, Vice President for Power, Energy, Climate and Green Growth, AfDB.
Wale Shonibare, the AfDB’s Director of Energy Financial Solutions, Policy, and Regulations, noted that the project highlights Africa’s renewable energy potential and the critical role of partnerships in advancing the energy transition.
The project is owned by Saudi Arabia’s renewables firm ACWA Power.
