The European Bank for Reconstruction and Development (EBRD) is promoting renewable energy and low‑carbon technologies in Egypt by arranging a syndicated loan worth US$ 275 million for the construction and operation of the largest wind farm in Africa. The US$ 275 million syndicated loan to Suez Wind consists of a US$ 200 million A loan from the EBRD and US$ 75 million in B loans from Arab Bank and Standard Chartered.

The new wind farm is being co-financed by the African Development Bank (AfDB), British development finance institution British International Investment (BII), German development finance institution Deutsche Investitions- und Entwicklungsgesellschaft (DEG), the OPEC Fund for International Development (OPEC Fund) and the Arab Petroleum Investments Corporation (APICORP). Suez Wind is a special project company jointly owned by ACWA Power (an international developer and investor that co-owns and operates a portfolio of power generation and desalinated water production plants) and HAU Energy (a recently established renewable energy equity platform that the EBRD is investing in alongside Hassan Allam Utilities and Meridiam Africa Investments).

The EBRD is the leading development partner in the energy pillar of Egypt’s Nexus of Water, Food & Energy (NWFE) programme, which was unveiled at COP27. This landmark wind power plant is one of the first projects to be developed under NWFE’s energy pillar. The project will contribute to the 10 GW renewable energy target set under NWFE and will help the government to decarbonise its fossil fuel-dominated power sector and achieve its renewable energy targets.

Egypt is a founding member of the EBRD. Since the start of its operations there in 2012, the EBRD has invested almost €13.3 billion in 194 projects across the country. The EBRD’s areas of investment in Egypt include the financial and transport sectors, agribusiness, and manufacturing and services, as well as infrastructure projects in the power, municipal water and wastewater service sectors‎.