ACWA Power announced in a statement that it has inked a project agreement to develop a 1.1GW wind project in Egypt, at an investment value of US$1.5 billion.
The signing ceremony of the agreement took place at the headquarters of the Egyptian General Authority for Investment and Free Zones, Cairo.
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 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 mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.
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 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. The plant will be commercially operational by the end of 2026.
