The OPEC Fund for International Development is making a significant investment in renewable energy by co-financing Africa’s largest onshore wind power project. The fund is contributing US$30 million towards the construction of two wind farms, each with a capacity of 550 MW, located in Egypt’s Gulf of Suez region. Together, these facilities will have a total capacity of 1.1 GW and are expected to provide power to more than 1 million homes.

WAM reports, that this initiative is also projected to have a positive environmental impact, as it aims to reduce carbon emissions by approximately 2.5 million tonnes per year. The OPEC Fund’s investment reflects its commitment to promoting sustainable development and advancing energy transition efforts in Egypt.

In a statement, OPEC Fund President Abdulhamid Alkhalifa emphasized that this landmark wind farm project exemplifies the power of partnerships in driving climate action and offering development solutions. He reiterated that the project underscores the OPEC Fund’s dedication to supporting the sustainable development goals of the country.