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ACWA Power, renowned as the world’s largest private water desalination company, a leader in energy transition, and a pioneer in green hydrogen, along with its consortium partner HAU Energy, a subsidiary of Hassan Allam Utilities, has successfully achieved financial close for the 1.1GW Suez Wind Farm in Egypt. This project stands as the largest single-contracted wind farm in the Middle East and is pivotal to supporting Egypt’s goal of increasing renewable energy’s share in its electricity mix to 42% by 2040.
The project has secured a USD 703.6 million senior debt facility from a consortium of leading financial institutions, including the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), British International Investment Corporation, German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). EBRD’s funding also includes a B loan structure facilitated by Standard Chartered Bank and Arab Bank.
Located in the Gulf of Suez and the Gabal El-Zeit area, the Suez Wind Farm has an overall investment value of USD 1.2 billion. ACWA Power holds a 70% stake in the project, with HAU Energy owning the remaining 30%.
The project will contribute to eliminating 1.1 million tonnes of carbon dioxide annually and will be implemented in two phases with a capacity of 550MW for each phase, with a total of 138 turbines. The capacity of each turbine will reach about 8MW and a height of about 210 metres per turbine. The project is expected to achieve full commercial operations by Q2 2027.
Marco Arcelli, CEO of ACWA Power, highlighted the financial close of the Suez Wind Farm as a milestone in Egypt’s renewable energy journey, showcasing collaboration and innovative financing to drive decarbonization and economic growth.
Amr Allam, Co-CEO of Hassan Allam Holding, emphasized the project’s role in advancing Egypt’s sustainable future and the partnership’s commitment to clean energy.
Thomas Brostrom, CIO of ACWA Power, noted the project’s significance in diversifying Egypt’s energy mix, fostering investor confidence, and driving economic growth, job creation, and technological progress.
ACWA Power has had a presence in Egypt since 2015, and currently has two other facilities in the country that are operational, including a 120MW solar PV project in Benban, and a 200MW solar PV facility in Kom Ombo. In 2023, the company was allocated 3,000 square kilometres of land west of Sohag for a 10GW wind project. ACWA Power is also exploring opportunities to develop a green hydrogen project in Egypt, with an initial planned capacity of 600,000 tonnes of green ammonia annually.
HAU Energy, a leading entity in Egypt’s renewable energy sector, is backed by a strong shareholding structure comprising Hassan Allam Utilities, Meridiam, and EBRD. With the strategic support of Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, HAU Energy has built a robust portfolio of solar and wind projects. In addition to its co-development role with ACWA Power on the Suez Wind project, HAU Energy is a key partner and developer in major renewable energy investments in Egypt, including a 10GW wind project and a 1.2GW solar power with advanced storage technology project to help realise Egypt’s clean energy transition.
