ACWA Power secures $703.6m for Suez Wind Farm

ACWA Power and HAU Energy have secured financial close for their 1.1GW Suez wind farm in Egypt’s Gulf of Suez region.

The project raised $703.6 million in senior debt from a consortium of international banks and financial institutions.

The European Bank for Reconstruction and Development (EBRD) led the financing, with support from 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 described the financial close as a significant step in Egypt’s renewable energy plans. “This project strengthens ACWA Power’s commitment to sustainable development in the region. It shows how collaboration and innovative financing can deliver clean, reliable power at scale,” said Arcelli.

Located in the Gulf of Suez and Gabal El-Zeit area, the Suez wind farm requires a total investment of $1.2 billion. Egypt aims to generate 42 percent of its electricity from renewable sources by 2040. ACWA Power owns 70percent of the project, with HAU Energy holding 30percent.

The project will move forward in two phases, each delivering 550MW from 138 turbines. The companies plan to complete the project by the second quarter of 2027.

ACWA Power Chief Investment Officer Thomas Brostrom highlighted the project’s significance. “This wind farm demonstrates ACWA Power’s capability to deliver world-class renewable energy projects. Securing finance for a project of this size shows investors’ confidence in our expertise and Egypt’s renewable energy market,” said Brostrom.

He added that the wind farm would diversify Egypt’s energy mix while driving economic growth, creating jobs, and advancing technology in the region.

The project is critical to Egypt’s strategy to reduce carbon emissions and expand renewable energy.