Suez 1.1 GW wind project, part of NWFE programme, wins two regional awards
The project, implemented by a consortium of local and foreign private sector entities, secured the 'Deal of the Year' award in the infrastructure sector from African Banker magazine. Financing for the project was contributed by a consortium of international and regional financial institutions, 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).
The project also received the 'Best Energy Deal in Egypt and Africa' award from EMEA Finance. This recognition was within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, to provide $300m in financing for the project.
Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation, stated that energy projects within the 'NWFE' programme 'embody the strength of partnership between the government, private sector, and international institutions to drive development efforts and green transition.'
Al-Mashat emphasised that the 'NWFE' programme country platform, particularly its 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, contributing to the implementation of the national sustainable energy strategy and nationally determined contributions.
The Minister pointed out that structural and regulatory reforms implemented by the government since 2014 have facilitated significant private sector entry into the renewable energy field. This, she noted, has encouraged international financial institutions to inject investments and development financing into these projects. Egypt aims to achieve 42% renewable energy in its generated power mix by 2030.
'We continue to coordinate with the European Bank and other partners to add 10 GW of renewable energy through the program's projects,' Al-Mashat added.
She further detailed that the energy pillar of the 'NWFE' programme has achieved tangible results since its 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 $4bn has been mobilised for these projects.
Al-Mashat explained that efforts are ongoing in coordination with the EBRD to achieve the programme's energy pillar target: adding 10 GW of renewable energy capacity with investments of approximately $10bn, phasing out 5 GW of fossil fuel power generation by 2028, and enhancing and developing grid infrastructure, while supporting national grid investments. These efforts all aim to support the national strategy.
The Suez wind project is described as the largest of its kind in Egypt and one of the largest projects on the African continent. It is expected to generate 4,111 GWh annually, providing clean, reliable, and affordable energy to over one million households. The project is also anticipated to reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments under the Paris Agreement.
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