Two Wind Farms to Be Developed With USD 40 Million Loan
The loan from OPEC Fund will help develop wind farms that will generate 1.1 GW of clean energy, powering 1.3 million households.
A USD 40 million loan from the OPEC Fund for International Development will support the construction of two major wind farms in the Gulf of Suez. The project will generate a combined 1.1 gigawatts (GW) of clean energy.
The wind farm initiative, spearheaded by Hassan Allam Utilities in collaboration with Saudi Arabia's ACWA Power, is poised to become the largest onshore wind energy project in the Middle East. The total cost of the USD 1.1 billion venture has already attracted substantial financial backing, including USD 200 million from the European Bank for Reconstruction and Development (EBRD) and USD 170 million from the African Development Bank (AfDB).
Once operational, the wind farms will supply renewable electricity to over 1.3 million households, aligning with Egypt's goal of sourcing more than 40% of its energy from renewable sources by 2035.
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