African Development Bank approves $170 million for Egypt's largest wind energy project

African Development Bank approves $170 million for Egypt’s largest wind energy project

The African Development Bank (AfDB) has approved a loan of $170 million to support the development of Egypt’s largest wind energy initiative, the 1.1 GW Suez Wind Project. This transformative project aligns with Egypt’s renewable energy goals and represents a significant step toward achieving **42% renewable energy** in the country’s energy mix by 2030.

The Suez Wind Project, valued at an estimated $1.1 billion, will consist of two wind farms, each with a capacity of 550 MW, located along the Gulf of Suez.

The project is expected to generate 4,111 GWh annually, supplying reliable and affordable energy to over one million households** and reducing annual carbon dioxide emissions by approximately **1.71 million tons.

Awarded a Golden License by Egypt’s Cabinet, the project benefits from expedited approvals and financial incentives, ensuring a swift implementation timeline.

The wind farm will be operated under a 25-year Power Purchase Agreement with the Egyptian Electricity Transmission Company as the sole off-taker.

Kevin Kariuki, AfDB Vice President for Power, Energy, Climate, and Green Growth, described the project as a “landmark development,” underscoring its importance for Egypt’s energy security and regional leadership in renewable energy.