An ACWA Power-led consortium has achieved financial close for the 1100MW Suez wind farm project in Egypt.
The project secured a $704m senior debt facility from a consortium of banks, including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development and the Arab Petroleum Investments Corporation (APICORP).
The senior debt funded by EBRD included a B loan structure provided by Standard Chartered Bank and Arab Bank.
Located in the Gulf of Suez and the Gabal El-Zeit area, the Suez Wind Farm has an overall investment value of $1.2bn.
ACWA Power holds a 70% stake in the project, with HAU Energy owning the remaining 30%.
The project will be implemented in two phases with a capacity of 550MW for each phase, with a total of 138 turbines.
The capacity of each turbine will reach about 8MW and a height of about 210 metres per turbine.
The project is expected to achieve full commercial operations by Q2 2027.
The wind farm will play an important role in supporting the Egyptian government in achieving its target of increasing the share of renewable energy in its electricity generation mix to 42% by 2040.
“This landmark project demonstrates the power of collaboration and innovative financing to deliver clean, reliable power at scale.
“We are proud to partner with HAU Energy and our financial partners to bring this transformative project to life, contributing significantly to Egypt’s decarbonisation goals and creating long-term economic value,” said Marco Arcelli, CEO of ACWA Power.