News
Meridiam signs long term strategic partnership to develop renewable energy projects in Egypt

22.01.2025
- 1st project to be constructed and financially closed: 1.1 GW wind project
- Overall investment value of over € 1 billion
- More than 1 million households served with affordable and renewable energy
Meridiam finalized its participation in a long-term strategic partnership with Hassan Allam Utilities (HAU) and the European Bank for Reconstruction and Development (EBRD) to develop and invest in greenfield renewable energy projects – especially wind and solar – in Egypt. Those projects will significantly contribute to the decarbonization of electricity production in Egypt and to the energy transition of the country. Renewable energy being at the heart of public authorities’ strategy to support the development of the country.
The first project to be developed under this agreement, alongside ACWA Power as partner, is a 1.1 GW wind power plant, divided into two sites, each with a capacity of 550 MW, and located in a desert area along the Gulf of Suez. Currently Egypt’s and also Africa’s largest wind energy project[1], Suez Wind Project is expected to supply clean, reliable, and affordable energy to over one million households.
Increasing Egypt’s total wind capacity by 70%[2], it will accelerate Egypt’s renewable energy goals to reach 42% of renewable capacity in its generation mix by 2030. It has even been granted the Golden License in Egypt, recognizing it as a strategic initiative for the country. Offsetting the country greenhouse gases emissions by 1.71 MtCO2/year2, it will also significantly contribute to Egypt’s climate commitments under the Paris Agreement.
Suez Wind Project, which reached financial close, has an overall investment value of over € 1 billion. It will start construction in January 2025 and is expected to achieve full commercial operations by 2027 for a 25 years period of time. This project will follow strict and best environmental and social practices, building on the partners’ recognized historic experience and wide expertise in this area.
In addition to this new project, Meridiam has already invested more than €1 billion in renewable energy, totaling a production capacity of more than 500 MW in solar, wind, biomass and hydro. When all up and running, those assets will provide electricity to nearly 4 million people, generate significant environmental benefits (+500,000 tonnes of CO2 avoided/year) and will have created over 5,000 jobs.
[1]&2 https://www.afdb.org/en/news-and-events/press-releases/egypt-african-development-bank-approves-170-million-egypts-largest-wind-energy-project-79180
[2] https://www.enerdata.net/publications/daily-energy-news/amea-power-gets-approval-connect-2-gw-renewables-egypt-mid-2025.html#:~:text=At%20the%20end%20of%202023,power%20generation%20with%204.4%20TWh