Egypt’s Hassan Allam Holding secures $703.6 million financing for Suez Wind Farm

Omokolade Ajayi -

Key Points

  • Hassan Allam Holding secures $703.6 million financing for the 2.1GW Suez Wind Farm, marking a major step in Egypt’s renewable energy transition.
  • The project, a joint venture with ACWA Power, will be the largest single-contracted wind farm in the Middle East, featuring 138 turbines.
  • Hassan Allam Holding expands regionally with new offices in Riyadh and operations in the UAE, Oman, Libya, and Algeria, focusing on infrastructure and clean energy.

Hassan Allam Holding, a privately held engineering and construction conglomerate led by Egyptian businessman Hassan Allam, has secured $703.6 million in financing for its 2.1GW Suez Wind Farm project, marking a significant step in Egypt’s transition to renewable energy.

The project, a joint venture with Saudi Arabia’s ACWA Power and Hassan Allam Utilities' subsidiary, HAU Energy, will be the largest single-contracted wind farm in the Middle East. ACWA Power owns 70 percent, with HAU Energy holding the remaining 30 percent.

Located in the Gulf of Suez and Gabal El-Zeit, the $1.2 billion facility will feature 138 turbines, each with an 8MW capacity and 210-meter height. The first phase will generate 550MW, contributing to Egypt’s goal of 42 percent renewable energy by 2040. The wind farm is also expected to cut carbon emissions by 1.1 million tonnes annually.

Collaborative financing paves way for clean energy

The $703.6 million financing package was provided by a consortium of financial institutions. Key contributors included the European Bank for Reconstruction and Development (EBRD) and the African Development Bank (AfDB).

Other participants in the consortium were the British International Investment Corporation, the German Investment Corporation, the OPEC Fund for International Development, and the Arab Petroleum Investments Corporation (APICORP). The EBRD’s contribution included a senior debt facility with a B loan structure, provided by Standard Chartered Bank and Arab Bank.

Marco Arcelli, CEO of ACWA Power, described the funding close as a "significant milestone" in Egypt’s renewable energy journey. He emphasized that the Suez Wind Farm would not only support Egypt’s decarbonization efforts but also bring long-term economic value to the region.

Amr Allam, Co-CEO of Hassan Allam Holding, highlighted the project's importance, calling it a defining moment for the company. “Our efforts align with Egypt’s energy strategy and position us as a leader in the renewable energy sector,” he said.

The Suez Wind Farm project is slated for full commercial operation by the second quarter of 2027. Its completion will enhance Egypt’s renewable energy capacity and further solidify Hassan Allam Holding and its partners as major contributors to the region’s sustainable development.

Hassan Allam’s bold regional expansion

Hassan Allam Holding, led by Hassan Allam and his brother Amr Allam, has become a prominent force in the region, with a portfolio that spans over 12 million square meters of constructed buildings, contributing to economic growth across North Africa and the Middle East.

As part of its strategy, Hassan Allam Holding has strengthened its regional presence by establishing new offices in Riyadh and bolstering operations in the UAE, Oman, Libya, and Algeria. This reflects a commitment to infrastructure development and clean energy, highlighted by its involvement in various renewable energy projects, such as the Suez Wind Farm.

A key division, HAU Energy, has emerged as a leader in Egypt's energy sector, spearheading multiple solar and wind energy projects, including a 10GW wind farm and a 1.2GW solar power initiative with advanced storage technology. These projects are key to Egypt's energy transition and shift towards more sustainable power solutions.