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Acwa’s Gulf of Suez wind farm close to securing 20% of its total funding: Renewables giant Acwa Power and Egypt’s 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 in Egypt, according to a project summary from the development bank. No further details about the terms of the financing were provided.
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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 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.
Background: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority for the wind farm in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.
