Suez 1.1 GW Wind Power Plant Wins Two Global Awards for Landmark Energy Deal

The Ministry of Planning, Economic Development and International Cooperation announced that the Suez 1.1 GW Wind Power Plant Project, implemented by a local and foreign private sector consortium as part of the energy pillar of the "NWFE" program country platform, has received two international awards.

The project won the "Deal of the Year" award in the infrastructure sector from African Banker magazine. A consortium of international and regional financial institutions contributed to the project's financing, including the African Development Bank, the OPEC Fund for International Development, the European Bank for Reconstruction and Development (EBRD), British International Investment (BII), DEG (a subsidiary of KfW), and the Arab Petroleum Investments Corporation (APICORP).

In the same context, the project received the "Best Energy Deal in Egypt and Africa" award from EMEA Finance, within the framework of the platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300 million in financing for the project.

H.E. Dr. Rania A. Al-Mashat, Minister of Planning, Economic Development and International Cooperation, emphasized that the "NWFE" program country platform, particularly regarding the energy pillar, has become a model for partnership between international financial institutions and the local and foreign private sector. This partnership aims to provide the necessary financing and investments to support Egypt's efforts in renewable energy, for the implementation of the national sustainable energy strategy and nationally determined contributions.

H.E. Dr. Al-Mashat pointed out that the structural and regulatory reforms implemented by the government since 2014 have opened the way for the private sector to significantly enter the renewable energy field. This has encouraged international financial institutions to inject investments and development financing into these projects, noting that Egypt seeks to implement its vision to reach 42% renewable energy in its generated power by 2030.

H.E. Minister Al-Mashat added that the energy pillar of the "NWFE" program has achieved tangible results since the program's launch in November 2022 at COP27. Agreements have been signed to initiate renewable energy projects with a capacity of 4.2 GW with private sector companies, and development financing of approximately $4 billion has been mobilized for these projects. She explained that efforts are ongoing in coordination with the EBRD to achieve the program's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10 billion, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments, all with the aim of supporting the national strategy.

The Suez wind project is the largest of its kind in Egypt and one of the largest projects in the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. It will reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.