The Saudi energy company ACWA Power has achieved financial close for the 1.1 GW Suez wind project it is developing in northern Egypt. The project secured a US$704m senior debt facility from a consortium of banks, notably including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the British International Investment Corporation, and the German Investment Corporation.
Located in the Gulf of Suez and the Gabal El-Zeit area, the Suez wind project has an overall investment value of US$1.2bn. ACWA Power holds a 70% stake in the project, with HAU Energy owning the remaining 30%.
The project, which is expected to offset emissions by 1.1 MtCO2/year, will be implemented in two phases with a capacity of 550 MW each, for a total of 138 turbines provided by China’s Envision Energy. The capacity of each turbine will reach about 8 MW. The project is expected to achieve full commercial operations by 2027.
At the end of 2023, wind represented about 3% of Egypt’s installed capacity with 1.6 GW and 2.8% of its power generation with 6.7 TWh. Egypt's updated NDC (2023) brings forward to 2030 the country's objective to reach 42% of renewable capacity, initially set for 2035.
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