ACWA Power has said that it has signed an agreement to develop a 1.1GW wind project in Egypt. The official statement mentions that the wind project will come up with an investment value of $1.5 billion.
The signing ceremony of the agreement took place at the headquarters of the Egyptian General Authority for Investment and Free Zones, Cairo. According to the agreement, a ACWA Power-led consortium, comprising Hassan Allam Holding, will work together during the development phase to complete the site studies and secure the financing of this facility.
Located in the Gulf of Suez and Gabal el Zeit area, this wind project is the largest single contracted wind farm in the Middle East region and one of the largest onshore wind farms in the world. The project will have wind turbines with blade heights of up to 220 metres.
When complete, the project will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.
“The Ministry of Electricity and Renewable Energy is taking concrete actions to ensure the resilience of our energy strategy, because of the escalating changes that the world is witnessing, which aim to increase the contribution of renewable energy to up to 42% by 2035,” said Dr. Mohamed Shaker El-Markabi, Egypt’s Ministry of Electricity and Renewable Energy
“We are honoured to contribute to the strengthening ties of Saudi Arabia, our home, and Egypt via this milestone wind project, and extend our sincerest gratitude to the leaders of both countries in entrusting their faith in our abilities to realise their renewable energy mandates,” said, Mohammad Abunayyan, ACWA Power Chairman.
Increasing footprint of ACWA in Egypt
The upcoming wind farm will be ACWA Power’s third overall project—and first wind farm—in Egypt, after the 120MW Ben Ban solar independent power projects in the Aswan region and the 200MW Kom Ombo solar plant.
ACWA forecasts the 1.1GW wind project to reach financial close by the third quarter of 2024. The plant will be commercially operational by the end of 2026.