Suez 1.1 GW Wind Power Plant Project Secures Two Regional Awards for Best Infrastructure and Energy Deals

Strategic Insights -

The Suez 1.1 GW Wind Power Plant Project, part of Egypt's NWFE program, has received two regional awards for Best Infrastructure Deal and Best Energy Deal within the framework of a platform launched by Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD. 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. The project's financing 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).

Key Takeaways:

  • The Suez 1.1 GW Wind Power Plant Project has received two regional awards for Best Infrastructure Deal and Best Energy Deal, in recognition of its success in providing clean, reliable, and affordable energy to over one million households.
  • The project secured the Deal of the Year award in the infrastructure sector from African Banker magazine and was recognized for its contribution to Egypt's climate commitments under the Paris Agreement.
  • The project's financing was contributed by a consortium of international and regional financial institutions, including the African Development Bank, the EBRD, and British International Investment.
  • The NWFE program's energy pillar has achieved tangible results since its launch in November 2022 at COP27, with agreements signed to initiate renewable energy projects with a capacity of 4.2 GW and development financing of approximately $4bn mobilized for these projects.
  • The Suez wind project is expected to generate 4,111 GWh annually and reduce annual carbon dioxide emissions by approximately 1.71 million tons, significantly contributing to Egypt's climate commitments.
  • The project is part of Egypt's efforts to achieve 42% renewable energy in its generated power mix by 2030 and aims to support the national strategy of phasing out 5 GW of fossil fuel power generation by 2028.
  • Hassan Allam Utilities, in cooperation with the French company Meridiam and the EBRD, launched a platform to provide $300m in financing for the project and are working to achieve the energy pillar target of adding 10 GW of renewable energy capacity with investments of approximately $10bn.

Statistics:

  • The Suez 1.1 GW Wind Power Plant Project is expected to generate 4,111 GWh annually.
  • The project is expected to reduce annual carbon dioxide emissions by approximately 1.71 million tons.
  • The NWFE program's energy pillar has mobilized development financing of approximately $4bn for renewable energy projects.
  • The program aims to add 10 GW of renewable energy capacity with investments of approximately $10bn by 2028.
  • Egypt aims to achieve 42% renewable energy in its generated power mix by 2030.

Sources:

  • Ministry of Planning, Economic Development and International Cooperation
  • African Banker magazine
  • EMEA Finance
  • Hassan Allam Utilities
  • Meridiam
  • EBRD
  • Rania Al-Mashat, Minister of Planning, Economic Development and International Cooperation
  • Daily News Egypt