ACWA Power Consortium Secures Financing for Egypt’s 1100MW Suez Wind Farm

A consortium led by ACWA Power has reached financial close for the 1100MW Suez Wind Farm in Egypt, securing a $704 million senior debt package from a group of international banks. Lenders include the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AfDB), British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP).

The project, with a total investment of $1.2 billion, is located in the Gulf of Suez and the Gabal El-Zeit area. It will be executed in two phases, each with a capacity of 550MW and featuring 138 turbines. Each turbine will generate approximately 8MW of power and stand at a height of 210 meters. Commercial operations are expected to begin in the second quarter of 2027.

“This landmark project demonstrates the power of collaboration and innovative financing to deliver clean, reliable power at scale,” said Marco Arcelli, CEO of ACWA Power. “We are proud to partner with HAU Energy and our financial partners to bring this transformative project to life, contributing significantly to Egypt's decarbonization goals and creating long-term economic value.”

ACWA Power holds a 70% stake in the project, while HAU Energy owns the remaining 30%. The wind farm is set to support Egypt's renewable energy ambitions, aligning with the government's target to increase the share of renewables in its electricity generation mix to 42% by 2040.

The EBRD's contribution includes a B loan structure supported by Standard Chartered Bank and Arab Bank, reflecting the project's ability to attract diverse international financial backing. The Suez Wind Farm highlights Egypt's commitment to sustainable energy development while fostering economic growth and environmental stewardship.