The OPEC Fund for International Development has announced a $30 million investment in Africa’s largest onshore wind power project, located in Egypt’s Gulf of Suez region.
This strategic funding supports the construction of two wind farms with a combined capacity of 1.1 gigawatts (GW), a significant step toward Egypt’s renewable energy goals under its Nexus of Water, Food & Energy (NWFE) initiative.
Delivered by Suez Wind—a joint venture between Saudi Arabia’s ACWA Power and HAU Energy—the $1 billion project is expected to supply clean energy to over 1 million households and reduce carbon emissions by nearly 2.5 million tons annually.
“This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions,” said Abdulhamid Alkhalifa, President of the OPEC Fund.
“Our $30 million contribution builds on our long-standing collaboration with Egypt and our strong ties with public and private development partners. It underscores the OPEC Fund’s commitment to supporting the country’s sustainable development and energy transition.”
Advancing Egypt’s renewable energy goals
The Gulf of Suez wind farm is central to Egypt’s target of generating 10 GW of renewable energy capacity by 2028. The project is co-financed by global financial institutions, including the European Bank for Reconstruction and Development (EBRD)
The African Development Bank (AfDB), British International Investment (BII), Deutsche Investitions- und Entwicklungsgesellschaft (DEG), and the Arab Energy Fund. Arab Bank and Standard Chartered Bank also contributed through a syndicated loan arranged by EBRD.
Beyond the Gulf of Suez project, the OPEC Fund has been instrumental in financing Egypt’s energy transition. Past contributions include co-financing the Kom Ombo solar plant, which powers 130,000 households, and the Helwan South power plant, adding 1.95 GW to Egypt’s national grid.
A strong partnership for sustainable development
The collaboration between the OPEC Fund and ACWA Power reflects a growing commitment to sustainable energy solutions across Africa. To date, the OPEC Fund has invested over $200 million in ACWA Power’s renewable energy projects globally, totaling $3 billion in project costs and 3.5 GW in generation capacity.
Egypt has been a key partner for the OPEC Fund since its establishment in 1976, receiving over $1.3 billion in funding for more than 85 development projects. This latest investment highlights the ongoing effort to expand renewable energy infrastructure and strengthen climate resilience.
As Egypt accelerates its renewable energy ambitions, projects like the Gulf of Suez wind farm serve as critical milestones in reducing carbon emissions and fostering sustainable economic growth.
