Cairo, January 15, 2025 – The OPEC Fund for International Development has pledged $30 million to co-finance Africa’s largest onshore wind power project, a 1.1 GW facility in Egypt’s Gulf of Suez region, capable of powering over 1 million homes and cutting carbon emissions by 2.5 million tons annually.
Developed by Suez Wind—a joint venture between Saudi Arabia’s ACWA Power and HAU Energy—the $1 billion-plus project aligns with Egypt’s Nexus of Water, Food & Energy (NWFE) program to expand renewable energy capacity to 10 GW by 2028.
The European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII), DEG, and the Arab Energy Fund also back the initiative, with Arab Bank and Standard Chartered Bank participating through an EBRD-arranged syndicated loan.
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The wind farm, comprising two 550 MW sites, marks a significant stride in Egypt’s sustainable development push. It reinforces its partnership with the OPEC Fund, which has invested over $1.3 billion in over 85 Egyptian projects since 1976. Previous collaborations include the Kom Ombo solar plant, serving 130,000 households, and the 1.95 GW Helwan South power plant. The Gulf of Suez project leverages international financing to bolster Egypt’s energy transition, a cornerstone of its NWFE strategy to attract global investment in renewables.
OPEC Fund President Abdulhamid Alkhalifa emphasized the project’s broader impact: “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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The collaboration with ACWA Power, a key player in renewable energy, deepens a relationship that has seen the OPEC Fund commit over $200 million to ACWA-led projects globally, with a combined value of $3 billion and a capacity of 3.5 GW. In Egypt, this partnership amplifies efforts to shift from fossil fuels to cleaner energy sources, addressing both environmental and economic imperatives in a nation where power demand continues to rise.
The Gulf of Suez wind farm’s scale and ambition reflect a growing trend of multilateral financing in Africa’s energy sector, where infrastructure gaps and climate vulnerabilities demand innovative solutions. By reducing Egypt’s carbon footprint by 2.5 million tons annually, the project supports national climate goals and enhances energy security for over 1 million households. On completion, it will tackle the continent’s twin challenges of development and sustainability, and position Egypt as a leader in Africa’s renewable energy landscape.
