ACWA Power-led consortium to develop & operate $1.5bn wind project in Egypt

By Shilpa Annie Joseph, Desk Reporter
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ACWA Power
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Saudi Arabia-based power plant developer ACWA Power will develop and operate a 1.1GW wind project in Egypt at an investment value of $1.5 billion.

The 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 company said that “the project will be designed to use state-of-art wind turbines with blade heights of up to 220 meters, which helps in achieving the best use of the designated land plots in the most efficient way.”

When complete, the project will mitigate the impact of 2.4 million tons of carbon dioxide emissions per year and provide electricity to 1,080,000 households.

Dr. Mohamed Shaker El-Markabi, Egypt’s Ministry of Electricity and Renewable Energy, said that, “The 1.1GW wind project confirms Egypt’s commitment to spearheading the use of renewable energy sources to reduce the impact of carbon emissions produced by conventional energy sources, as Egypt gears up to host the United Nations Climate Conference (COP 27) in November 2022, the foremost international forum to discuss countries’ efforts in addressing climate change.”

Mohammad Abunayyan
Mohammad Abunayyan
Chairman
ACWA Power

“We are honored 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 realize their renewable energy mandates. With sustainable development at the top of the agenda for both states, progress cannot be made without concerted efforts in expanding infrastructure that is underpinned by renewables. This wind project demonstrates a commitment to realizing a greener tomorrow, despite global economic volatility, and we look forward to working with like-minded partners for a positive future.”

“The project marks an important milestone in Egypt’s plans to decarbonize the energy sector and meet its targets under the country’s Intended Nationally Determined Contributions (INDCs),” commented Ms. Dalia Wahba, Deputy CEO and Chief Investment Officer of Hassan Allam Utilities.

Hassan Allam Utilities, the investment and development arm for Hassan Allam Holding, currently operates a 50 MW solar plant in Benban solar park cementing its position as one of Egypt’s leading green energy producers.

The 1.1GW wind project is forecasted to reach a financial close by the third quarter of 2024. The plant will be commercially operational by the end of 2026, as per the statement.

Related: Saudi Arabia, Egypt sign agreements worth $7.7bn to support growth sectors


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