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OPEC Fund Backs Africa’s Largest Onshore Wind Farm with $30 Million Investment
New Investments
OPEC Fund Backs Africa’s Largest Onshore Wind Farm with $30 Million Investment
The OPEC Fund for International Development has pledged $30 million to support the Gulf of Suez Wind Farm in Egypt, poised to become Africa’s largest onshore wind energy project.
This commitment reflects the continent’s growing shift towards renewable energy and reinforces Egypt’s leading role in this transition.
Egypt has been actively expanding its renewable energy portfolio to combat electricity shortages and supply green power to Europe.
Egypt has been actively expanding its renewable energy portfolio to combat electricity shortages and supply green power to Europe.
However, the country faces challenges modernizing its grid and attracting sufficient investments for new wind and solar projects.
Despite efforts to upgrade its transmission network, the growth of renewable energy capacity has stalled since 2019.
Renewable sources account for less than 12% of Egypt’s nearly 60 GW energy capacity.
The OPEC Fund’s investment aims to boost Egypt’s energy landscape by creating employment opportunities during the construction and operational phases of the wind farm.
The OPEC Fund’s investment aims to boost Egypt’s energy landscape by creating employment opportunities during the construction and operational phases of the wind farm.
Additionally, the project is expected to strengthen energy independence by reducing reliance on imported fossil fuels, contributing to a more sustainable and secure energy model.
This milestone aligns with a larger trend across Africa, where nations are increasingly investing in renewable energy to meet growing demands and address environmental challenges.
This milestone aligns with a larger trend across Africa, where nations are increasingly investing in renewable energy to meet growing demands and address environmental challenges.
The Gulf of Suez Wind Farm is anticipated to serve as a blueprint for similar initiatives across the continent, demonstrating the economic and environmental benefits of large-scale renewable energy projects.
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