Egypt gets $40M loan from OPEC Fund for Gulf of Suez wind farm project

Image from Egypttoday

Egypt has secured a $40 million loan from the OPEC Fund for International Development to support the development of two wind farms in the Gulf of Suez, which will collectively generate 1.1 GW of clean energy. Spearheaded by Hassan Allam Utilities and Saudi Arabia’s ACWA Power, the project is set to become the largest onshore wind energy initiative in the Middle East.  

The $1.1 billion venture has already garnered significant financial support, including $200 million from the European Bank for Reconstruction and Development (EBRD) and $170 million from the African Development Bank (AfDB).
 

Once operational, the wind farms are expected to supply renewable electricity to over 1.3 million households, advancing Egypt’s target of deriving more than 40% of its power from renewable sources by 2035.  
 

This project, expected to be completed by 2026, underlines Egypt’s growing role as a leader in sustainable energy development in the region.

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