{"id":88413,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/12\/04\/afdb-approves-usd-170-mn-loan-for-acwa-power-hassan-allam-wind-project\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"afdb-approves-usd-170-mn-loan-for-acwa-power-hassan-allam-wind-project","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/12\/04\/afdb-approves-usd-170-mn-loan-for-acwa-power-hassan-allam-wind-project\/","title":{"rendered":"AfDB approves USD 170 mn loan for Acwa Power + Hassan Allam wind project"},"content":{"rendered":"

More financing for Acwa-HAU mega wind farm: <\/strong>Saudi renewables giant Acwa Power and Hassan Allam Utilities (HAU) have secured a USD 170 mn loan from The African Development Bank (AfDB) to support their USD 1.1 bn, 1.1 GW Suez wind farm<\/a>, according to a press release<\/a>. Additional financing is expected to come from a consortium of Development Finance Institutions and banks. <\/p>\n

(** Tap or click the headline above to read this story with all of the links<\/strong> to our background and outside sources.)<\/p>\n

We should hear an update soon on a <\/strong>USD 200 mn loan<\/a><\/strong> from the European Bank for <\/strong>Reconstruction and Development (EBRD) for the project<\/strong>, which has passed its final review and is only pending approval, according to a project summary<\/a> from the lender.<\/p>\n

REMEMBER- <\/strong>The two companies are set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM<\/a> in September. It's unknown whether the AfDB and EBRD loans were part of the count.<\/p>\n

About the plant: <\/strong>When operational by the end of 2026<\/a>, the project \u2014 developed by Acwa and Hassan Allam \u2014 is set to offset 2.2 mn tons of carbon dioxide annually and produce 4.1 TWh of power annually, enough power for nearly 1.1 mn households. The wind farm\u2019s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.<\/p>\n

This isn\u2019t the only Gulf of Suez wind project:<\/strong> The Red Sea Wind Energy (RSWE) \u2014 a JV between Orascom Construction (OC), Japan\u2019s Toyota Tsusho Corporation\/Eurus Energy Holdings Corporation, and France\u2019s Engie \u2014 achieved a financial close for Ras Ghareb wind farm<\/a> in April 2023. Later in August, Egypt\u2019s cabinet approved a bid<\/a> submitted by the consortium to add 150 MW of capacity, bringing the farm\u2019s capacity to 650 MW. EBRD is also reportedly funding this wind farm, with some USD 21.3 mn in financing<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

The 1.1 GW wind farm is being developed by Acwa Power and Hassan Allam and is set to be the largest in Africa and the Middle East<\/p>\n","protected":false},"author":1,"featured_media":88414,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[84],"tags":[184,297,83,40,11,202,337,46],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-88413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-debt-watch","tag-acwa-power","tag-afdb","tag-debt-watch","tag-egypt","tag-enterpriseclimate","tag-hassan-allam","tag-sczone","tag-wind-energy","wpautop","entry"],"acf":{"mongo_id":"f02e7cd1-cfae-41e0-9d09-47797567c154","order":"3","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/1\/1679.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AfDB 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