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    Saudi’s ACWA Power-led consortium bags mandate to develop 1.1GW wind project in Egypt


    June 23, 2022 - Abdul Rawuf

     

      ACWA Power, a leading Saudi developer, investor and operator of power generation, has announced entering into an agreement to develop a 1.1GW wind project in Egypt.

      The wind project will entail an investment 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 the project.

      Located in the Gulf of Suez and Gabalel Zeit area, the 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 in a statement.

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

      When complete, the project will provide electricity to 1,080,000 households, besides reducing carbon dioxide emissions to the tune of 2.4 million tonnes annually.

      "The 1.1GW wind project confirms Egypt's commitment in spearheading the use of renewable energy sources to reduce the impact of carbon emissions," Dr. Mohamed Shaker El-Markabi, Egypt's Minister for Electricity and Renewable Energy, said.

      "This milestone wind project falls within the framework of the Egyptian government's strategy to diversify its energy sources and leverage the country's rich natural resources, especially in renewable energy," El-Markabi added.

      Besides El-Markabi, Dr. Majid Bin Abdullah Alkassabi, Saudi's Minister of Commerce, Dr. Issam bin Saad bin Saeed, Minister of State and Cabinet member for Shoura Council affairs, Al Said, Egypt's Minister of Planning and Economic Development and Mohammad Abunayyan, Chairman of ACWA Power, were among the other top government functionaries and company executives present at the signing agreement ceremony for the project.

      The agreement was signed at the headquarters of the Egyptian General Authority for Investment and Free Zones, Cairo.

      El-Markabi said the ministry was taking concrete actions to ensure the resilience of the country's energy strategy, which aims to increase the contribution of renewable energy to up to 42 percent by 2035.

      ACMA Power chairman Abunayyan said the wind project demonstrated a commitment to realising a greener tomorrow, despite global economic volatility, and we look forward to working with like-minded partners for a positive future.

      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.

      This is ACWA Power's third project--and first wind farm--in Egypt, after the 120 MW Ben Ban solar independent power projects in the Aswan region and the 200 MW KomOmbo solar plant.

      The 1.1GW wind project is expected to reach financial closure by the third quarter of 2024.

      The plant will be commercially operational by the end of 2026.

      For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.

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