Arab Finance: The African Development Bank is considering financing a 1.1 gigawatt wind farm to be implemented by a consortium of Saudi ACWA Power and Hassan Allam Holding in the Gulf of Suez, according to an environmental and social impact assessment study. Published On the bank's website.
The investment cost of the wind farm – which is the largest of its kind in the Middle East – is about $1.5 billion. Construction work on the project is expected to begin in the fourth quarter of 2024, with an estimated timetable of 30 months for its completion and the start of trial operation.
The wind farm is expected to begin commercial operations in late 2027 and will last for 25 years.
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