ACWA, HAU move forward on 1.1-GW Suez wind farm

CAIRO, January 2, 2025 – Saudi Arabia’s ACWA Power and renewables player HAU Energy have reached financial close on the USD 1.2-billion, 1.1-GW Suez wind farm in Egypt, ACWA said on Thursday.

The project secured USD 703.6 million in financing from a consortium of financial institutions.

The project will be located in the Suez Gulf and Gabal El Zeit province near the city of Ras Gharib and will be developed under a build-own-operate scheme.

ACWA said it will take the lead in developing, financing, engineering, constructing, operating and maintaining the plant, which will deliver power to the unified national grid.

Consortium partner HAU Energy is a subsidiary of Cairo-headquartered sustainable infrastructure player Hassan Allam Utilities.

The project will support Egypt’s goal of achieving a 42% share of renewables in its power generation by 2040.

The Egyptian Electricity Transmission Company will serve as the sole offtaker, holding a 25-year power purchase agreement with ACWA.

“The Suez Wind project underscores ACWA Power’s proactive approach to identifying and developing world-class renewable energy projects,” ACWA CEO Thomas Brostrom said. “Securing financing for a project of this magnitude underscores the confidence investors have in our expertise and the viability of the Egyptian renewables market. This project not only diversifies Egypt’s energy mix but also serves as a catalyst for economic growth, job creation, and technological advancement in the region.”

Meanwhile, Hassan Allam Holding co-CEO Amr Allam called the financial close “a pivotal moment towards a more sustainable future for Egypt.”

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