Egypt in partnership with ACWA Power, a leading Saudi developer, investor and operator of power generation has signed a 1.1GW wind project in Egypt, at an investment value of US$1.5 billion.
Located in the Gulf of Suez and Gabal el Zeit area, this wind project is the largest single contracted wind farm in Africa, and the Middle East region. It is one of the largest onshore wind farms in the world.
When completed, the project will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide clean energy to 1,080,000 households.
Egypt’s Minister of Electricity and Renewable Energy, Mohamed Shaker El-Markabi 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.”
“The Ministry of Electricity and Renewable Energy is taking concrete actions to ensure the resilience of our energy strategy, because of the escalating changes that the world is witnessing, which aim to increase the contribution of renewable energy to up to 42% by 2035,” he added.
El-Markabi explained that this project is a leading example of the Egyptian government’s efforts to boost the participation of the private sector in implementing green energy projects in Egypt as well as attracting investments from international, and local companies into the country.
This is ACWA Power’s third project, after the 120MW Ben Ban solar independent power projects in the Aswan region and the 200MW Kom Ombo solar plant.
The 1.1GW wind project is forecasted to reach financial close by the third quarter of 2024 and become commercially operational by December 2026.
“We are honoured 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 realise their renewable energy mandates,” said Mohammad Abunayyan, ACWA Power Chairman.