Sign in
Acwa + Hassan Allam close to securing 20% of financing for joint wind farm project in Egypt: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the consortium’s USD 1.06 bn mega wind farm planned for the Gulf of Suez, according to a project summary from the development bank. No further details about the terms of the financing were provided.
(Tap or click the headline above to read this story with all of the links to our background as well as external sources.)
This isn’t the only piece of financing the consortium is hoping to finalize by the end of this year: The two companies are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM Climate in September.
The details: When operational, the project will offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.
Remember: The consortium signed a 25-year land usufruct agreement with Egypt’s New and Renewable Energy Authority for the wind farm back in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.
ALSO IN LINE FOR EBRD FUNDING-
A USD 120 mn top-up for Scatec’s solar project? The EBRD also gave its initial approval to a USD 120 mn equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway’s Scatec — to fund part of Scatec’s 1-GW solar power plant in Nagaa Hammadi, the lender said in a project summary. The funds, if given the final green light, will come in two tranches and will be used to help build the solar farm and equip it with a 200 MWh battery energy storage system.
REMEMBER- The Norwegian firm signed an agreement with the Egyptian Electricity Holding Company to establish a 1 GW solar and 200 MWh battery storage project in Egypt during CO28.
