Acwa reaches financial close on Gulf of Suez wind project: Renewables giant Acwa Power and Hassan Allam Utilities subsidiary HAU Energy reached financial close for their 1.1 GW, USD 1.2 bn mega wind farm in Egypt’s Suez, according to a press release. Full commercial operations are set to begin in 2Q 2027.

More on the funding: The consortium secured a USD 703.6 mn senior debt facility from a group of institutions, including the European Bank for Reconstruction and Development (EBRD), the African Development Bank, the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation. EBRD funding was supported by a B loan structure from Standard Chartered and Arab Bank.

ICYMI- The EBRD approved a USD 275 mnsyndicated loan for the project last month. The companies were reportedly set to secure close to USD 900 mn in financing by the close of 2024 for the project.

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