ACWA Power and HAU Energy Finalize Financing for Suez Wind Farm Project

Suez Wind Farm: A Key Step in Egypt’s Renewable Energy Ambitions

ACWA Power, a global leader in water desalination and energy transition, in partnership with HAU Energy, a subsidiary of Hassan Allam Utilities, has successfully secured financing for the massive 1.1GW Suez Wind Farm in Egypt. This project is a cornerstone of Egypt’s strategy to boost renewable energy capacity, with the country aiming to reach a 42% share of renewable energy in its electricity generation by 2040. The Suez Wind Farm will help support this ambitious target, making it the largest single-contracted wind farm project in the Middle East.

Investment and Financing Details

The Suez Wind Farm has reached a significant financing milestone, securing a USD 703.6 million senior debt facility from a consortium of global financial institutions. The financing group includes the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the British International Investment Corporation, and others. This debt facility will contribute to the overall USD 1.2 billion investment required to build the 1.1GW wind farm.

The wind farm will consist of 138 turbines, each with a capacity of 8MW and standing at 210 meters tall. The project will be rolled out in two phases of 550MW each, with the aim of commencing full commercial operations by Q2 2027.

Environmental and Economic Impact

The Suez Wind Farm will contribute to reducing Egypt’s carbon footprint by eliminating 1.1 million tonnes of carbon dioxide annually. By diversifying the country’s energy mix, this project will significantly contribute to the country’s decarbonization goals and improve its energy sustainability.

Additionally, this project is expected to drive substantial economic growth, creating job opportunities and fostering technological advancements in Egypt’s growing renewable energy sector. As a result, the Suez Wind Farm is poised to become a major contributor to Egypt’s broader energy transition strategy.

A Model for Sustainable Collaboration

The financing close for the Suez Wind Farm represents a significant example of successful collaboration in the renewable energy sector. The project is being touted as an example of innovative financing and public-private partnerships that can drive large-scale renewable energy projects, ensuring clean, reliable power for the region. ACWA Power, with its expertise in large-scale energy projects, is expected to continue playing a pivotal role in Egypt’s renewable energy development.