The soon-to-be largest windfarm in the region gets backing from the AfDB: The African Development Bank (AfDB) has approved a USD 170 mn loan to fund local energy and infrastructure leader Hassan Allam Utilities and Saudi renewables giant ACWA Power’s 1.1 GW wind farm in the Gulf of Suez — set to be the largest of its kind in the Middle East — according to a statement from AfDB. The loan would fund 16.0% of the entire USD 1.1 bn project.

We should also soon hear an update on a USD 200 mn loan from the European Bank for Reconstruction and Development for the project, which has passed its final review and is only pending approval, according to a project summary from the lender.

All in all, 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. It's unknown whether the AfDB and EBRD loans were part of the count.

When operational, the project will be a big boost to our energy production and green transition targets, with the project set to 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.

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