Author: PPD Team Date: 03/01/2025
ACWA Power, in partnership with HAU Energy, has achieved financial close for the 1.1GW Suez wind farm in Egypt’s Gulf of Suez region.
The financing includes a $703.6m senior debt facility from a consortium of international banks and financial institutions, with the European Bank for Reconstruction and Development leading the deal.
The $1.2bn project aims to support Egypt’s goal of sourcing 42% of its electricity from renewable energy by 2040. ACWA Power holds a 70% stake, with HAU Energy owning the remaining 30%. The project will be developed in two phases, each contributing 550MW from 138 turbines, with full commercial operations expected by Q2 2027.
ACWA Power’s CEO Marco Arcelli emphasized the project’s role in driving Egypt’s renewable energy goals, creating long-term economic value, and supporting sustainable development in the region.