Development finance institution the OPEC Fund for International Development is cofinancing Africa’s largest onshore wind power project by contributing $30-million to the construction of two 550 MW wind farms in Egypt’s Gulf of Suez region.

The facility, delivered by Suez Wind, is a joint venture between renewable-energy developers ACWA Power and HAU Energy, and will be capable of powering more than one-million homes and reduce carbon emissions by around 2.5-million tons a year.

The Suez Wind Farm is aligned with Egypt’s Nexus of Water, Food and Energy (NWFE) programme, which is a flagship initiative to drive international investment in renewable energy and promote sustainable development.

The Gulf of Suez wind farm represents a critical step toward achieving Egypt’s target of establishing 10 GW of renewable energy capacity by 2028 under its NWFE initiative.

The total project cost is more than $1-billion and co-financed by the European Bank for Reconstruction and Development (EBRD), the African Development Bank, British International Investment, Deutsche Investitions- und Entwicklungsgesellschaft and the Arab Energy Fund.

“This landmark wind farm project is an excellent example of how partnerships can drive climate action and development solutions. Our $30-million contribution builds on our long-standing collaboration with Egypt and our strong ties with public and private development partners,” OPEC Fund president Abdulhamid Alkhalifa said.

“It underscores OPEC Fund’s commitment to supporting the country’s sustainable development and energy transition.

“We are particularly proud to join forces once again with ACWA Power, which is an energy company from our member country Saudi Arabia, along with other partners, in delivering this transformative project,” he added.

To date, OPEC Fund has committed more than $200-million to ACWA Power’s renewable-energy projects in various countries, with a combined total project cost of $3-billion and a generation capacity of 3.5 GW.

Meanwhile, OPEC Fund has further contributed to Egypt's NWFE goal by co-financing the Kom Ombo solar plant, which serves 130 000 households, and the Helwan South power plant, which added 1.95 GW of capacity to the grid.

Egypt has been a key partner of OPEC Fund since inception in 1976, with more than $1.3-billion committed to more than 85 projects to date, the fund stated.