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ACWA Power Signs $1.5 Billion Wind Energy Deal with Egypt

Last Updated on 11th January 2024

The Egyptian government signed a USD 1.5 billion agreement with ACWA Power for wind energy production in the Gulf of Suez and Gulf of Zeit. The project aims to generate 1.1 GW of power. The project is expected to cut carbon emissions by 2.4 million tons and supply power to millions of homes in Egypt.

 

 

Mohammed Al-Khayyat, the head of Egypt's New and Renewable Energy Authority; Mohammed Hamdouche, ACWA's vice president for business development; and Hassan Amin, the director of ACWA Power Egypt, all signed the agreement in Cairo.

 

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The Egyptian Minister of Electricity and Renewable Energy, Mohammed Shaker, stated that the venture is the most extensive wind energy undertaking in the region and is positioned among the leading onshore initiatives of its nature on a global scale. 

 

This is a significant development for both ACWA Power and Egypt. The wind farm will be one of the largest in the Middle East and North Africa, and it will help Egypt meet its renewable energy targets. The project is also expected to create jobs and boost the local economy.

 

Read: Statkraft Plans to Invest Up to $6.6 Billion in Hydro and Wind Projects

 

About ACWA Power

 

ACWA Power Signs $1.5 Billion Wind Energy Deal with Egypt

 

ACWA Power is a leading Saudi Arabian developer, investor, and operator of power generation and desalinated water plants. Founded in 2004, the company has grown to become a major player in the global energy market, with a presence in 12 countries across the Middle East, Africa, Central Asia, and Southeast Asia. Some of the upcoming wind power projects that ACWA Power will carry out include:

 

  • Azerbaijan: A 240 MW wind farm, currently in the greenfield stage.
  • Oman: Expansion of Barka 1 IWP, Phase II.
  • South Africa: Bokpoort CSP IPP, a 100 MW concentrated solar thermal power plant.
  • Jordan: Dzhankeldy Wind IPP, adding to their existing portfolio.
  • UAE: Al Taweelah IWP, a large-scale seawater desalination plant.

 

Read: Global Wind Power Market Report

 

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