The European Bank for Reconstruction and Development (EBRD) has announced a $275 million syndicated loan to support the development of Africa’s largest onshore wind farm in Egypt.
The 1.1-gigawatt (GW) wind farm, located in the Gulf of Suez, is set to deliver over 4,300 GWh of clean energy annually, reducing CO2 emissions by more than 2.2 million tonnes per year.
The financing includes a $200 million A loan from the EBRD and $75 million in B loans from Arab Bank and Standard Chartered, with additional backing from the African Development Bank, British International Investment, and Deutsche Investitions- und Entwicklungsgesellschaft.
The project is also co-financed by the OPEC Fund for International Development and the Arab Petroleum Investments Corporation.
The wind farm is a key initiative within Egypt’s Nexus of Water, Food, and Energy (NWFE) program, launched at COP27. It advances the nation’s goal to achieve 42% of its energy mix from renewables by 2030 while aligning with commitments under the Paris Agreement.
“Through blended finance and private-sector investments, we are advancing clean energy projects and reducing fuel consumption to meet our ambitious renewable energy targets,” said Rania Al-Mashat, Egypt’s Minister of Planning and International Cooperation.
The project is being developed by Suez Wind, a joint venture led by Saudi Arabia’s ACWA Power, Hassan Allam Utilities, and Meridiam. The EBRD, a founding member of Egypt’s energy transition platform, also holds equity in HAU Energy, the renewable energy platform involved in the project.
“Egypt continues to lead Africa in large-scale renewables, from the largest solar farm to now the largest wind farm on the continent. This milestone highlights our strong partnerships and commitment to sustainable energy,” said Nandita Parshad, Managing Director of the EBRD’s Sustainable Infrastructure Group.
The Gulf of Suez wind farm is part of Egypt’s broader renewable energy strategy, which aims to add 10GW of renewable capacity. The project builds on the EBRD’s €13.3 billion investment in Egypt since 2012, spanning sectors such as transport, agribusiness, and municipal infrastructure.
In addition to the Suez Wind project, the EBRD recently supported a 150-megawatt expansion of the Red Sea Wind Energy farm with a $21.3 million loan, further reinforcing Egypt’s leadership in renewable energy across Africa.
