ACWA Power and its partner HAU Energy (a subsidiary of Hassan Allam Utilities) have achieved financial close for the 1.1 GW Suez Wind Farm in Egypt. This project secured a $ 703.6 million senior debt facility from a consortium of banks. These were namely the European Bank for Reconstruction and Development (EBRD), the African Development Bank (AFDB), the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP).
Furthermore, EBRD’s contribution included a B loan structure facilitated by Standard Chartered Bank and Arab Bank. The project is situated in the Gulf of Suez and Gabal El-Zeit area and involves a total investment of $1.2 billion. ACWA Power holds a 70 per cent share in the project, while HAU Energy owns the remaining 30 per cent.
Additionally, the project will be developed in two phases, each with a capacity of 550 MW. It has a total of 138 turbines. Each turbine will have a capacity of approximately 8 MW and a height of around 210 meters. It is expected to achieve commercial operations by the second quarter of 2027.
ACWA Power has been expanding its presence in Africa. Earlier in October 2024, ACWA Power announced that its Redstone Concentrating Solar Power (CSP) plant in South Africa had achieved 50 MW capacity and is poised to reach its full 100 MW capacity shortly.
