Gulf of Suez mega wind farm looks close to securing 20% of its total funding: Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are in talks with the European Bank of Reconstruction and Development (EBRD) over a proposed USD 200 mn loan to help finance the alliance’s USD 1.06 bn mega wind farm planned for the Gulf of Suez, according to a project summary from the development bank. No further details about the terms of the financing were provided.

This isn’t the only piece of financing the consortium is hoping to finalize by the end of this year: The two companies are reportedly 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 in September.

The details: When operational, the project will offset 2.2 mn tons of carbon dioxide annually and produce enough power for nearly 1.1 mn households. The wind farm’s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.

Remember: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority for the wind farm back in January. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.

IN OTHER DEVELOPMENT FINANCE NEWS-

A USD 120 mn top-up for Scatec’s solar project? EBRD also gave its initial approval to a USD 120 mn equity bridge loan to Obelisk Solar — a special purpose vehicle owned by Norway’s Scatec — to fund part of Scatec’s 1-GW solar power plant in Nagaa Hammadi, the lender said in a project summary. The funds, if given the final green light, will come in two tranches and will be used to help build the solar farm and equip it with a 200 MWh battery energy storage system.

Remember: The Norwegian renewables developer inked an agreement earlier this year to build a USD 1.1 bn solar plant to power EgyptAlum’s Nagaa Hammadi industrial complex with 2 GW of green energy. The project is part of the state-owned aluminum producer’s plan to ramp up production, comply with global sustainability and manufacturing standards, and lower its carbon footprint.

ALSO- The EBRD has launched a EUR 35 mn unfunded portfolio risk-sharing facility with QNB Egypt to support SMEs, which will help cover 50% of the credit risk of new on-lending, according to a statement from the development bank. This facility — which the bank says is the first of its kind in Egypt and the southern and eastern Mediterranean region — aims to reduce the financing gap for these businesses. The EBRD will also implement a pilot climate-risk assessment tool with QNB to help the bank assess and monitor climate-related risks in its portfolio, in line with international best practices.

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