The OPEC Fund for International Development committed $30 million to develop two wind farms with a total capacity of 1.1 gigawatts (GW) in Egypt’s Gulf of Suez region, according to a press release.

This facility marks Africa’s largest onshore wind power project, which is expected to empower more than 1 million homes and cut carbon emissions by nearly 2.5 million tons annually.

It will be delivered by Suez Wind, a joint venture (JV) between Saudi ACWA Power and HAU Energy.

The project aligns with Egypt’s Nexus of Water, Food & Energy (NWFE) program, aiming to attract international investment in renewable energy and promote sustainable development.

The total project’s cost surpasses $1 billion, co-financed by the European Bank for Reconstruction and Development (EBRD), African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Arab Energy Fund.

Arab Bank and Standard Chartered Bank also participated in the transaction through a syndicated loan arranged by EBRD.

The Gulf of Suez wind farm marks a milestone towards achieving Egypt’s target to establish 10 GW of renewable energy capacity by 2028.

The OPEC Fund has contributed to this goal by co-financing the Kom Ombo solar plant, which serves 130,000 households. This is in addition to the Helwan South power plant, which added 1.95 GW of capacity to the grid.

Since its inception in 1976 to date, the OPEC Fund committed more than $1.3 billion to 85 projects in Egypt.

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