Acwa consortium lands $1.5bn wind energy project in Egypt
CAIRO, January 16, 2024
Saudi-listed Acwa Power, the world's largest private water desalination firm, said its consortium with top construction group Hassan Allam has signed a 25-year usufruct agreement with Egypt’s New and Renewable Energy Authority for the development of a 1.1 GW wind energy project in the country.
One of the world's largest onshore wind energy initiatives being set up at an investment of $1.5 billion, it aims to reduce 2.4 million tonnes of CO2 annually.
The consortium will work during the project’s development phase to complete site studies and secure project financing in the Gulf of Suez and Jabal Al-Zeit regions.
The agreement was signed in the presence of Dr Mostafa Madbouly, Prime Minister of Egypt, Dr Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt, Hassan Allam Utilities, Minister Plenipotentiary Abdulrahman bin Salem Al Dahas and Deputy Ambassador of di Arabia in Cairo, Amjad Saeed.
As per the deal, the Acwa Power-led consortium will help secure financing and also find land for the massive new wind farm built across the Gulf of Suez and Gebel al-Zeit, in an ambitious project that aims to be a powerhouse of clean energy in both Egypt and the Middle East.
The wind farm will boast 220 m tall turbines, that will power up to 1.08 million homes while eliminating 2.4 million tonnes of carbon dioxide from the atmosphere every year thus playing a crucial role in providing a cleaner and more sustainable future.-TradeArabia News Service
