DEVELOPMENT NEWS
The Suez Wind facility will power around 1 million homes and be
T he OPEC Fund’s first sustainability- linked loan of US$40 million to ETC Group will strengthen food systems and support the livelihoods of more than 600,000 smallholder farmers across Sub-Saharan Africa. The financing, Strengthening Montenegro’s green transition and fiscal sustainability
capable of reducing carbon emissions by around 2.5 million tons per year.
Egypt: Helping build Africa’s largest onshore windfarm
part of a US$394 million package, will support one of Africa’s largest
agricultural commodity supply chain managers.
Consortium arranges US$1.5 billion total investment
A US$30 million OPEC Fund loan will help construct two 550 MW wind farms with a total capacity of 1.1 GW in Egypt’s Gulf of Suez region, making it Africa’s largest onshore wind power project. The US$1.5 billion facility, delivered by Suez Wind – a joint venture between ACWA Power and HAU Energy – will be capable
of powering more than 1 million homes and reduce carbon emissions by around 2.5 million tons per year. The Suez Wind Farm is aligned with Egypt’s Nexus of Water, Food and Energy (NWFE) program, a flagship initiative to drive international investment in renewable energy and promote sustainable development.
Sustainability-linked loans are a financing
tool that tie lending terms to meeting environmental, social and governance targets. The
loan incentivizes ETC Group to improve farmers’ livelihoods, reduce environmental impacts and enhance food security.
Photo: Predrag Jankovic/Shutterstock
Accelerating Türkiye’s green transformation
A €50 million loan agreement with the Industrial Development Bank of Türkiye (TSKB) will support investments in renewable energy, energy efficiency, climate adaptation, climate-related equipment production and circular economy initiatives. The financing, provided through an on-lending arrangement with the Republic of Türkiye’s Ministry of Treasury and Finance, marks the first collaboration between the OPEC Fund and TSKB. TSKB CEO Murat Bilgiç said: “We are delighted to establish our first loan partnership with the OPEC Fund, which will help diversify our sustainable funding sources and support Türkiye’s green transformation. This loan aligns with our national climate goals and the 2053 Long-Term Climate Strategy of Türkiye, contributing to sustainable development and climate adaptation efforts. We aim for this resource to finance low-emission and resilient economy projects, bringing significant benefits to our country.”
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