(Ecofin Agency) – ACWA Power’s Suez Wind Farm wind farm project will play an important role in Egypt, helping the country increase the share of renewable energy in its electricity production and move closer to its energy efficiency goals. energy transition.
ACWA Power announced on Thursday, January 2 that it had completed financing with its partner HAU Energy for the Suez Wind Farm wind farm project with a capacity of 1.1 GW in Egypt. According to the Saudi company specializing in water desalination and the development of large-scale renewable energy projects, this is the largest wind farm under single contract in the Middle East.
The project thus obtained a senior credit facility of 703.6 million USD from a consortium of banks, including the African Development Bank (AfDB) which announced on December 3, 2024 that it had approved a loan of a maximum amount of 170 million USD intended to finance the park.
ACWA Power has a 70% stake in it while HAU Energy owns the remaining 30%. “ The financial close for the Suez Wind Farm marks an important milestone in Egypt’s ambitious renewable energy journey and reinforces ACWA Power’s commitment to driving sustainable development in the region. This landmark project demonstrates the power of collaboration and innovative financing to deliver clean, reliable energy at scale » declared Marco Arcelli, CEO of ACWA Power
By providing electricity to 1,080,000 homes and helping to eliminate 1.1 million tonnes of carbon dioxide per year, the project will help the Egyptian government achieve its target of 42% renewable energy in its production. electricity by 2040. It also strengthens ACWA Power’s presence in the Egyptian market where it has been present since 2015, and where it currently has 2 photovoltaic solar installations operational, one of 120 MW in Benban and one of 200 MW in Kom Ombo.
In 2023, the company has also been allocated 3000 km2 of land west of Sohag for a 10 GW wind project.
Abdullah Diop
