Red Sea Wind Energy has received a loan of up to $100 million from the European Bank for Reconstruction and Development (EBRD) ($50 million) and the Green Climate Fund ($50 million) for the building of a 500 MW onshore wind farm in Egypt. The Japan Bank for International Cooperation and private commercial banks jointly finance the loan, which is covered by Nippon Export and Investment Insurance. The onshore wind facility, which is said to be the largest in Africa and is situated in the Gulf of Suez, has the ability to yearly offset one million tonnes of carbon emissions. Over the next 25 years, the Egyptian Electricity Transmission Company (EETC) will purchase the clean energy produced by the wind field. Additionally, it will aid Egypt’s efforts to accelerate the transition to a greener economy.
In March 2023, ACWA Power secured financing for the massive Red Sea tourism project, on the west coast of Saudi Arabia, which is set to feature a 320 MW solar array and a 1.3 GWh off-grid battery. The project has reached financial close securing a $1.3 billion debt facility. The $1.302 billion senior debt facilities have been secured by ACWA Power, SPIC Huanghe Hydropower Development Company, and Saudi Tabreed Cooling Company.