Saudi Arabia’s ACWA Power has finalized financing agreements worth $702 million for a 1,100-megawatt wind farm in Egypt.

The financing consortium includes the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfdB), the OPEC Fund for International Development, the British International Investment Corporation, and the Arab Petroleum Investments Corporation (APICORP).

ACWA Power holds a 70% stake in the project, which has a total investment cost of SAR 4.13 billion.

The wind farm is the largest onshore project in the Middle East for wind energy production and among the largest globally.

It is expected to reduce 2.4 million tons of carbon dioxide emissions annually, save 840,000 tons of fuel, and provide electricity to one million homes.

Additionally, it will generate around 6,000 direct and indirect job opportunities.

The project will utilize advanced wind turbine technology, with turbines reaching heights of approximately 220 meters—the highest in the Gulf of Suez.

Construction will be led by ACWA Power, leveraging its expertise in renewable energy to support Egypt's sustainability goals.

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