The Organisation of the Petroleum Exporting Countries Fund (the OPEC Fund) is co-financing Africa’s largest onshore wind power project, contributing $30 million to the construction of two 550 MW wind farms with a total capacity of a 1.1 GW in Egypt.

The Austria-based OPEC Fund is a development institution that primarily provides finance from member countries to non-member countries.

The organisation works with developing country partners and the international development community to promote economic growth and social advancement in low- and middle-income countries globally.

According to the Fund, the energy facility, Suez Wind—a joint venture between ACWA Power and HAU Energy—located in Egypt's Gulf of Suez region, will be capable of powering more than one million homes while reducing carbon emissions by around 2.5 million tonnes per year.

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

Arab Bank and Standard Chartered Bank additionally contributed to the financing through a syndicated loan provided by the EBRD.

OPEC Fund President Abdulhamid Alkhalifa said: “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. It underscores the 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, an energy leader from our member country Saudi Arabia, along with other partners, in delivering this transformative project.”