Hassan Allam and ACWA Power get government approval for 1.1 GW Gulf of Suez wind farm

The Gulf of Suez’s mega 1.1 GW wind farm takes another step forward: The government has given its approval for Saudi renewables giant ACWA Power and local energy and infrastructure leader Hassan Allam Utilities to establish their much-anticipated 1.1 GW wind farm in the Gulf of Suez, a government source told EnterpriseAM.

The details: The first of the project’s two phases will see the firms establish 550 MW worth of capacity in Ras Shukeir, with the second phases set to see an additional 550 MW installed in Ras Ghareb. Each phase is expected to take a year to complete, with ACWA holding a 70% stake in the project and HAU holding the remaining 30%.

ICYMI: The European Bank for Reconstruction and Development last month approved a USD 275 mn syndicated loan for the project, with the companies reportedly set to secure close to USD 900 mn in financing by the close of 2024 for the previously estimated USD 1.2 bn project..

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.