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    Saudi ACWA Power, Egypt’s EETC ink $1.5B PPA


    June 23, 2022 - Arab Finance

     

      Arab Finance: Saudi Arabian ACWA Power has signed, through its subsidiary Suez Wind Energy Project Company, a power of purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a wind farm in Egypt at a value of $1.5 billion, according to a recent disclosure on Saudi Exchange (Tadawul).

      Under the 25-year term contract, the company will develop, finance, build, own, and operate the wind farm which will be located in the Gulf of Suez and Gabal Al-Zayt regions.

      Set to have a production capacity of 1,100 megawatts (MW), the wind farm is expected to be one of the largest on-shore farms in the world and the largest in the Middle East.

      The financial impact of the project is projected to occur when the first phase begins commercial operations by the fourth quarter (Q4) of 2025.

      The PPA was one of the 14 investment agreements recently signed between Egypt and Saudi Arabia worth a combined $7.7 billion.

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