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The OPEC Fund for International Development has approved more than USD 130 million in debt financing to support renewable energy projects across Egypt, Turkey, and Mauritania. The financing is part of a broader USD 1-billion initiative designed to fund infrastructure, renewable energy, economic resilience, and governance projects in developing countries.
A significant portion of the funding, USD 40 million, will be allocated to the 1.1-GW Gulf of Suez wind project in Egypt. This ambitious project will consist of two wind farms, each with a capacity of 550 MW, developed by Saudi Arabia’s ACWA Power and its partners. Once completed, the wind complex will generate electricity for over 1.3 million homes. The project is a key part of Egypt’s strategy to source over 40% of its total power from renewable energy by 2035. The African Development Bank (AfDB) has also approved up to USD 170 million for this project.
In Mauritania, the OPEC Fund will provide an additional USD 40 million to deploy photovoltaic (PV) capacity and install infrastructure to link the country’s electricity grid with that of Mali. This initiative is expected to bring electricity to 80,000 homes, further expanding access to renewable energy in the region.
The OPEC Fund’s financing package also includes EUR 50 million (USD 52.5 million) for renewable energy, energy efficiency, and climate adaptation projects in Turkey. The loan will be provided to the Turkish Industrial and Development Bank (TSKB) and supports Turkey’s ambitious goal of achieving net-zero emissions by 2053.
These investments reflect the OPEC Fund’s ongoing commitment to supporting sustainable development and energy transition efforts in emerging markets, helping to reduce carbon emissions while enhancing energy security and economic resilience in these countries. |
