The OPEC Fund for International Development is investing $30 million in Africa’s largest onshore wind project in Egypt. The project includes building two 550 MW wind farms, with a combined capacity of 1.1 GW, in the Gulf of Suez.
The wind farms will power over one million homes and cut carbon emissions by 2.5 million tons annually. Delivered by Suez Wind, a joint venture of ACWA Power and HAU Energy, this project supports Egypt’s ambitious renewable energy goals.
OPEC Fund President Abdulhamid Alkhalifa stated, “This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions.
“Our US$30 million contribution builds on our long-standing collaboration with Egypt and our strong ties with public and private development partners. It underscores the OPEC Fund’s commitment to supporting the country’s sustainable development and energy transition.
“We are particularly proud to join forces once again with ACWA Power, an energy leader from our member country Saudi Arabia, along with other partners, in delivering this transformative project.”
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Boost to Egypt’s NWFE Program
The project aligns with Egypt’s Nexus of Water, Food, and Energy (NWFE) initiative, which promotes international investment in sustainable development. The country aims to achieve 10 GW of renewable energy capacity by 2028.
The wind farm is part of a $1 billion project co-financed by multiple organizations. These include the European Bank for Reconstruction and Development, African Development Bank, British International Investment, and Deutsche Investitions- und Entwicklungsgesellschaft. Arab Bank and Standard Chartered Bank also participated through a syndicated loan arranged by the EBRD.
The OPEC Fund has supported Egypt with over $1.3 billion for 85 projects since 1976. Past contributions include financing the Kom Ombo solar plant and Helwan South power plant.
The Gulf of Suez wind farm strengthens OPEC Fund’s partnership with ACWA Power, a renewable energy leader. To date, the fund has committed over $200 million to ACWA Power’s projects in multiple countries. Together, these projects total $3 billion in costs and generate 3.5 GW of renewable energy capacity.
This transformative project is a major step toward Egypt’s clean energy transition and sustainable future.