The OPEC Fund has approved over USD 130 million for renewable energy projects in Egypt, Turkey, and Mauritania as part of a larger USD 1 billion initiative. Key investments include USD 40 million for a wind project in Egypt and an additional USD 40 million for photovoltaic capacity in Mauritania. In Turkey, EUR 50 million will support renewable energy initiatives. This funding aims to enhance energy security and promote sustainable development in these countries.

The OPEC Fund for International Development has sanctioned over USD 130 million in debt financing aimed at bolstering renewable energy initiatives in Egypt, Turkey, and Mauritania. This funding is part of a wider USD 1 billion program established to enhance infrastructure, renewable energy, economic resilience, and governance within developing nations. A notable segment of this investment includes USD 40 million directed toward the 1.1-gigawatt Gulf of Suez wind project in Egypt, which is poised to supply electricity to approximately 1.3 million homes.

The Gulf of Suez project will encompass two wind farms, each capable of producing 550 megawatts of power, and is being developed by Saudi Arabia’s ACWA Power alongside its partners. This endeavor is integral to Egypt’s vision of sourcing over 40% of its electricity from renewable sources by 2035, with backing from the African Development Bank contributing an additional USD 170 million to the initiative.

In Mauritania, the OPEC Fund will allocate another USD 40 million to expand photovoltaic capacity and construct infrastructure for connecting the country’s electricity grid with that of Mali. This venture is anticipated to deliver electricity to 80,000 households, facilitating increased access to renewable energy in the region. Furthermore, the financing package encompasses EUR 50 million (approximately USD 52.5 million) aimed at supporting renewable energy, energy efficiency, and climate adaptation projects in Turkey, with funding directed to the Turkish Industrial and Development Bank (TSKB).

Turkey’s ambitious aim of achieving net-zero emissions by 2053 is also supported through this initiative. These strategic investments represent the OPEC Fund’s enduring commitment to fostering sustainable development and advancing energy transition initiatives in emerging markets, promoting reduced carbon emissions while enhancing energy security and economic resilience in these nations.

The OPEC Fund for International Development plays a critical role in financing development projects, particularly in the renewable energy sector, across developing countries. The current initiative highlights the organization’s commitment to addressing infrastructure needs and enhancing the resilience of economies through sustainable energy solutions. Given the global shift toward renewable sources in response to climate change, these projects are essential for fostering energy security and mitigating environmental impacts in regions such as North Africa and the Middle East.

In conclusion, the OPEC Fund’s approval of over USD 130 million for renewable projects in Egypt, Turkey, and Mauritania exemplifies its commitment to promoting sustainable energy and development. The strategic allocation of funds will not only support major infrastructure projects but also contribute significantly to reducing carbon emissions and enhancing energy access in these regions. By fostering economic resilience through renewable energy investments, the OPEC Fund is playing a pivotal role in the energy transition efforts of developing nations.

Original Source: solarquarter.com

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