OPEC Fund Approves $130M for Renewable Energy Projects in Egypt, Turkey, and Mauritania

The OPEC Fund for International Development has approved over USD 130 million to support renewable energy projects in Egypt, Turkey, and Mauritania.

This funding is part of a broader effort to support sustainable development and improve infrastructure in developing countries. This reflects the OPEC Fund’s commitment to renewable energy, climate action, and energy security in these regions.

A large share of this funding—USD 40 million—will go to the Gulf of Suez wind project in Egypt. The project includes the construction of two wind farms, each with a capacity of 550 megawatts (MW).

Developed by Saudi Arabia’s ACWA Power and its partners, the wind complex will generate enough electricity to power more than 1.3 million homes. The project supports Egypt’s goal of sourcing more than 40% of its electricity from renewable energy by 2035.

In Mauritania, another USD 40 million will be used to expand photovoltaic (PV) solar power and build infrastructure to connect Mauritania’s electricity grid with Mali’s. The project is expected to bring electricity to about 80,000 homes, improving access to renewable energy in the region.

The OPEC Fund has also allocated EUR 50 million (around USD 52.5 million) for renewable energy and climate adaptation projects in Turkey.

The funding will go to the Turkish Industrial and Development Bank (TSKB) and supports Turkey’s goal of reaching net-zero emissions by 2053. These investments are critical as Turkey transitions to cleaner energy sources and works to reduce its carbon emissions.

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This financing package highlights the OPEC Fund’s focus on sustainable development, energy security, and reducing carbon emissions.

By investing in renewable energy, the fund aims to tackle energy poverty and support economic growth in areas where access to reliable energy remains limited.

These investments come at an important time, as countries aim to diversify energy sources and reduce reliance on fossil fuels.

The OPEC Fund’s contributions not only promote environmental sustainability but also improve living conditions by providing clean energy to underserved communities.

The fund’s approach aligns with global efforts to combat climate change and advance sustainable development. As more nations commit to cutting greenhouse gas emissions and increasing renewable energy use, initiatives like these will play a key role in reaching those goals.

The OPEC Fund’s approval of over USD 130 million for renewable energy projects in Egypt, Turkey, and Mauritania is a step forward in supporting sustainable development.

These projects will strengthen energy security, benefit the environment, and boost local economies. Collaborations like this will be essential as countries work toward a cleaner and more sustainable future.

The OPEC Fund’s efforts show how international financial support can help developing nations transition to renewable energy while addressing social and economic challenges.