Saudi renewables developer Acwa Power and its consortium partner HAU Energy have reached financial close for their 1.1GW Suez wind farm in Egypt.
Acwa claims the project is the largest single contracted wind farm in the Middle East. It will feature 138 turbines manufactured by Chinese company Envision and will be online by 2027, according to “uåX˜äŠÊ˜·³Ç Intelligence, the research and data division of “uåX˜äŠÊ˜·³Ç.
The project will be located in the north-east of Egypt next to the Gulf of Suez. It has an overall investment value of $1.2 billion.
Investment for the project was secured from a consortium of banks including the European Bank for Reconstruction and Development (EBRD).
Acwa Power has a 70% stake in the project, while HAU Energy owns the remaining 30%.
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