OPEC Fund commits US$30 million to Egypt’s landmark 1.1 GW wind farms

January 15, 2025: The OPEC Fund for International Development (the OPEC Fund) is co-financing Africa’s largest onshore wind power project, contributing US$30 million to the construction of two 550 MW wind farms with a total capacity of a 1.1 GW in Egypt’s Gulf of Suez region. The facility, delivered by Suez Wind—a joint venture between ACWA Power and HAU Energy—will be capable of powering more than 1 million homes and reduce carbon emissions by around 2,5 million tons per year.

The Suez Wind Farm is aligned with Egypt’s Nexus of Water, Food & Energy (NWFE) program, a flagship initiative to drive international investment in renewable energy and promote sustainable development. The total project cost is over US$1 billion and 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 financing through a syndicated loan arranged by EBRD.

OPEC Fund President Abdulhamid Alkhalifa said: 

“This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions. Our US$30 million contribution builds on our long-standing collaboration with Egypt and our strong ties with public and private development partners. It underscores the OPEC Fund’s commitment to supporting the country’s sustainable development and energy transition. We are particularly proud to join forces once again with ACWA Power, an energy leader from our member country Saudi Arabia, along with other partners, in delivering this transformative project.”

The Gulf of Suez wind farm represents a critical step toward achieving Egypt’s target of establishing 10 GW of renewable energy capacity by 2028 under its NWFE initiative. The OPEC Fund has contributed to this goal by co-financing the Kom Ombo solar plant, which serves 130,000 households, and the Helwan South power plant, which added 1.95 GW of capacity to the grid. Egypt has been a key partner of the OPEC Fund since inception in 1976, with over US$1.3 billion committed to more than 85 projects to date.

The Gulf of Suez wind farm project also highlights the strong partnership between the OPEC Fund and ACWA Power, a leading developer and operator of power and water projects. To date, the OPEC Fund has committed over US$200 million to ACWA Power’s renewable energy projects in a wide range of countries, with a combined total project cost of US$3 billion and a generation capacity of 3.5 GW.

About the OPEC Fund

The OPEC Fund for International Development (the OPEC Fund) is the only globally mandated development institution that provides financing from member countries to non-member countries exclusively. The organization works in cooperation with developing country partners and the international development community to stimulate economic growth and social progress in low- and middle-income countries around the world. The OPEC Fund was established in 1976 with a distinct purpose: to drive development, strengthen communities and empower people. Our work is people-centered, focusing on financing projects that meet essential needs, such as food, energy, infrastructure, employment (particularly relating to MSMEs), clean water and sanitation, healthcare and education. To date, the OPEC Fund has committed more than US$27 billion to development projects in over 125 countries with an estimated total project cost of more than US$200 billion. The OPEC Fund is rated AA+/Outlook Stable by Fitch and AA+, Outlook Stable by S&P. Our vision is a world where sustainable development is a reality for all.