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African wind project in Egypt: OPEC agrees one billion dollars

21/01/2025
Source : ORISHAS FINANCE
Categories: Sectors

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Le Fonds OPEC pour le développement international accorde un soutien à hauteur de 30 millions de dollars au largest wind energy project in Africa.

Through this financing, OPEC is supporting the construction of two wind farms in the Gulf of Suez region, in Egypt. The project consists of the construction of two wind farms with a total capacity of 1.1 GW, each wind farm having an installed capacity of 550 MW. It will provide energy to more than one million homes and contribute to the reduction of CO2 emissions by around 2.5 million tons per year and will be located in the strategic region of the Gulf of Suez, in Egypt

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According to Abdelhamid Al-Khalifa, Managing Director of the OPEC Fund, this project represents a concrete example of how financial partnerships can play a central role in accelerating the energy transition and implementing sustainable solutions. sustainable development. This initiative illustrates the Fund's commitment to supporting projects that contribute both to economic growth and to the preservation of the environment.

The completion of this large-scale project is also a major step forward in achieving Egypt's energy goals, which aims to reach a capacity of 10 GW of renewable energy by 2028.
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