Egypt Secures USD 40M OPEC Fund Loan for Gulf of Suez Wind Farms

Egypt has obtained a USD 40 million loan from the OPEC Fund for International Development to finance the construction of two major wind farms in the Gulf of Suez.

This initiative, led by Hassan Allam Utilities in partnership with Saudi Arabia’s ACWA Power, represents a significant step forward in renewable energy development, with the project set to become the largest onshore wind energy facility in the Middle East.

The Gulf of Suez wind farms will collectively generate 1.1 GW of clean energy, supporting Egypt’s ambitious goal of deriving over 40 percent of its electricity from renewable sources by 2035. This  USD 1.1 billion project has already attracted substantial international financial backing. The European Bank for Reconstruction and Development (EBRD) has pledged USD 200 million, while the African Development Bank (AfDB) has committed USD 170 million.

The project is scheduled for completion by 2026, the wind farms are expected to deliver renewable electricity to more than 1.3 million households, significantly reducing reliance on fossil fuels. In addition to its environmental benefits, the project is poised to enhance Egypt's reputation as a regional leader in sustainable energy.

Egypt’s Gulf of Suez project aligns with its broader renewable energy agenda, which includes harnessing solar, wind, and green hydrogen technologies to meet rising energy demands while minimising carbon emissions. This initiative underscores the nation's commitment to achieving its clean energy targets and contributing to global climate goals.

As the Middle East's largest onshore wind project, the Gulf of Suez wind farms symbolise regional cooperation and investment in sustainable development. With backing from international financial institutions and key regional stakeholders, the project reflects Egypt’s pivotal role in shaping a greener energy future for the region.