Riyadh – Mubasher: ACWA Power will be carrying out the largest wind farm in Egypt with a significant investment of approximately $2.30 billion, according to a press release.
The new project is surpassing the company's existing 1.1 GW Suez Wind Farm.
In addition, the wind farm will be the largest single-asset Independent Power Producer (IPP) in Egypt, further solidifying ACWA Power’s position as the largest renewable energy developer in the country as well as Africa based on contracted projects with a total investment of $8.80 billion and a gross capacity of 4.8 GW.
The 2 GW wind project, which is targeted for Financial Close in 2026, will play an important role in supporting the Egyptian government to increase renewable energy share in its electricity generation mix to 42% by 2030.
Moreover, the project is expected to reduce carbon dioxide emissions by more than 3.5 million tonnes annually, contributing significantly to Egypt's climate change mitigation efforts upon the 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the landmark wind farm.
Founder and Chairman of ACWA Power, Mohammad Abunayyan, said: “Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigor over the past decade.”
Abunayyan noted: “It [the agreement] is a key step in expediting the country’s highly inspiring and ambitious energy transition, with this project we confirm ACWA Power as the leading private investor in power in Africa.”
ACWA Power has had a presence in Egypt since 2015 and currently has two other facilities in the country that are operational, including a 120 MW solar PV project in Benban, and a 200 MW solar PV facility in Kom Ombo.
It is worth noting that the Saudi listed company penned a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets worth $693 million in two Gulf countries.
