An ACWA Power-led consortium, comprising Hassan Allam Holding, has signed a project agreement for 1100MW wind project in Egypt worth $1.5bn.
The 1.1GW wind project is forecasted to reach financial close by the third quarter of 2024 and is planned to be commercially operational by the end of 2026.
Saudi Arabia-based ACWA Power inked a project agreement to develop the wind farm at the headquarters of the Egyptian General Authority for Investment and Free Zones, in Cairo.
It was signed in the presence of Mohamed Shaker El-Markabi, Egypt’s Ministry of Electricity and Renewable Energy, Majid Bin Abdullah Alkassabi, Saudi’s Minister of Commerce as well as other ministers and representatives from both countries.
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, the wind project is the largest single contracted wind farm in the Middle East region and will be one of the largest onshore wind farms in the world when built.
The project will be designed to use “state-of-the-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.
“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,” said Shaker El-Markabi.