ACWA Power To Lead Middle East's Largest Wind Farm Project In Egypt
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, January 3. ACWA Power, a
global leader in energy transition and private water desalination,
alongside consortium partner HAU Energy, a subsidiary of Hassan
Allam Utilities, has finalized the financial close for the landmark
1.1 GW Suez Wind Farm project in Egypt, Trend reports with
reference to ACWA Power.
Set to become the largest single-contracted wind farm in the
Middle East, the project represents a major step towards supporting
Egypt's goal of increasing renewable energy's share in electricity
generation to 42% by 2040.
The project has secured a senior debt facility of $703.6 million
from a consortium of international financial institutions. Key
contributors include the European Bank for Reconstruction and
Development (EBRD), the African Development Bank (AfDB), the
British International Investment Corporation, the German Investment
Corporation, the OPEC Fund for International Development, and the
Arab Petroleum Investments Corporation (APICORP). EBRD's senior
debt facility also incorporates a B loan structure, supported by
Standard Chartered Bank and Arab Bank.
With an overall investment value of $1.2 billion, the wind farm
will be located in Egypt's Gulf of Suez and Gabal El-Zeit regions.
ACWA Power holds a majority 70% stake, while HAU Energy owns the
remaining 30%.
Once operational, the project will contribute to reducing carbon
emissions by 1.1 million tonnes annually. The wind farm will
feature 138 turbines, each with a capacity of 8 MW and standing 210
meters tall. The development will be implemented in two phases,
each delivering 550 MW of capacity. Full commercial operations are
scheduled for the second quarter of 2027.
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