{"id":656427,"date":"2024-12-04T00:00:00","date_gmt":"2024-12-04T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/"},"modified":"2024-12-04T00:00:00","modified_gmt":"2024-12-04T00:00:00","slug":"afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/","title":{"rendered":"AfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan"},"content":{"rendered":"

The soon-to-be largest windfarm in the region gets backing from the AfDB: <\/strong>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\u2019s 1.1 GW wind farm<\/a> in the Gulf of Suez \u2014 set to be the largest of its kind in the Middle East \u2014 according to a statement<\/a> from AfDB. The loan would fund 16.0% of the entire USD 1.1 bn project.<\/p>\n

We should also soon hear an update on a <\/strong>USD 200 mn loan<\/a><\/strong> from the European Bank for <\/strong>Reconstruction and Development 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

All in all, the two companies are reportedly set to secure close to USD 900 mn in<\/strong> financing by the end of the year<\/strong> 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

When operational, the project will be a big boost to our energy production and green<\/strong> transition targets<\/strong>, 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\u2019s 1.1 GW capacity will mark it as the largest wind project in both Africa and the Middle East.<\/p>\n","protected":false},"excerpt":{"rendered":"

The loan would fund 16.0% of the entire USD 1.1 bn project<\/p>\n","protected":false},"author":1,"featured_media":656428,"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":[7207],"tags":[1042,93,72,151,8930],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-656427","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-acwa-power","tag-energy","tag-enterpriseam","tag-renewables","tag-windpower","wpautop","entry"],"acf":{"mongo_id":"f8b6fcea-f622-422b-a6a8-e1c65c9c2e41","order":"7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/12\/362.jpg","photo_position":"above","homepage_title":"","full_issue_title":"AfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan","related_issue":[656415],"teaser":"The loan would fund 16.0% of the entire USD 1.1 bn project","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/12\/.27c1b781-d761-4f1c-adef-0e8741357cd6.mp3"},"yoast_head":"\nAfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan\" \/>\n<meta property=\"og:description\" content=\"The loan would fund 16.0% of the entire USD 1.1 bn project\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-04T00:00:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/362.jpg?fit=%2C&ssl=1\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"AfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan\",\"datePublished\":\"2024-12-04T00:00:00+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\"},\"wordCount\":249,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"image\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/i0.wp.com\/ent.news\/2024\/12\/362.jpg?fit=%2C&ssl=1\",\"keywords\":[\"ACWA Power\",\"energy\",\"EnterpriseAM\",\"renewables\",\"windpower\"],\"articleSection\":[\"Energy\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2024\/12\/04\/afdb-backs-hassan-allam-and-acwas-gulf-of-suez-mega-windfarm-with-usd-170-mn-loan\/\",\"name\":\"AfDB backs Hassan Allam and ACWA\u2019s Gulf of Suez mega windfarm with USD 170 mn loan - 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