The OPEC Fund for International Development is co-financing Africa’s largest onshore wind power project with a $30 million contribution. The funds will help build two 550 MW wind farms in Egypt, which together will have a total capacity of 1.1 GW.
The OPEC Fund, based in Austria, is a development institution that finances projects in non-member countries using contributions from its member nations. The organization collaborates with developing countries and the international development community to promote economic and social progress, especially in low- and middle-income regions.
The wind power facility, called Suez Wind, is a joint venture between ACWA Power and HAU Energy. Located in Egypt’s Gulf of Suez region, it will generate enough electricity to power over one million homes and reduce carbon emissions by approximately 2.5 million tonnes annually.
The total cost of the project exceeds $1 billion and is also backed by several other financial institutions. These include the European Bank for Reconstruction and Development (EBRD), the African Development Bank, British International Investment, Deutsche Investitions- und Entwicklungsgesellschaft, and the Arab Energy Fund. Additionally, Arab Bank and Standard Chartered Bank provided financing through a syndicated loan arranged by the EBRD.
OPEC Fund President Abdulhamid Alkhalifa expressed pride in the project’s significance. “This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions,” he said. “Our $30 million contribution reinforces our long-standing collaboration with Egypt and highlights our commitment to the country’s sustainable development and energy transition.”
He also emphasized the OPEC Fund’s successful partnership with ACWA Power, a leader in the energy sector from Saudi Arabia, along with other key contributors, to deliver this transformative project.
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