ACWA Power, in partnership with HAU Energy, has secured financial close for the 1.1GW Suez wind farm in the Gulf of Suez region, Egypt.

The financial package for the wind farm includes a $703.6m senior debt facility from a consortium of international banks and financial institutions.

The European Bank for Reconstruction and Development (EBRD) led the financing, supported by the African Development Bank, the Arab Petroleum Investments Corporation, the British International Investment Corporation, the German Investment Corporation and the OPEC Fund for International Development.

ACWA Power CEO Marco Arcelli stated: “The financial close for the Suez wind farm marks a significant milestone in Egypt’s ambitious renewable energy journey and reinforces ACWA Power’s commitment to driving sustainable development in the region.

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

Located in the Gulf of Suez and Gabal El-Zeit area, the Suez wind farm represents a total investment of $1.2bn.

The project will support the Egyptian government to boost renewable energy to 42% of its electricity mix by 2040. ACWA Power holds a 70% stake in the project, while HAU Energy owns the remaining 30%.

The Suez wind farm will be developed in two phases, each providing 550MW from a total of 138 turbines. It is scheduled for full commercial operations by the second quarter of 2027.

ACWA Power chief investment officer Thomas Brostrom stated: “The Suez wind project underscores ACWA Power’s proactive approach to identifying and developing world-class renewable energy projects. Securing financing for a project of this magnitude underscores the confidence investors have in our expertise and the viability of the Egyptian renewables market.

“This project not only diversifies Egypt’s energy mix but also serves as a catalyst for economic growth, job creation and technological advancement in the region.”