Arab Finance: The African Development Bank (AfDB) has approved a loan of up to $170 million to support the development of the 1.1-gigawatt Suez Wind Power Project, Egypt's largest wind energy plant, as per a statement.
With an estimated total cost of $1.1 billion, the project is set to play a significant role in the country's renewable energy transition.
The Suez Wind Power Project, located in the Suez Governorate, has already received a golden license from Egypt’s cabinet, officially recognizing it as a strategic initiative.
The project is also expected to receive additional financing from a consortium of Development Finance Institutions (DFIs), banks, and financial institutions.