Egypt has joined hands with Saudi developer ACWA Power for the 1.1 GW Wind Energy project in Egypt.
The duo has signed a Memorandum of Understanding to explore a joint investment for the wind project. The wind project is in located in the Gulf of Suez in Egypt.
Under the agreement, “ACWA Power and TSFE will now engage in discussions for TSFE’s Infrastructure & Utilities Subfund to own up to 10 percent of the project,” a local report mentioned.
It has been reported that this is the first instance of The Sovereign Fund of Egypt investing in ACWA Power’s Egyptian portfolio.
So far, the company has a presence in Egypt since 2015 and has developed the 120 MW PV project. Besides, ACWA Power has a partnership to develop another 10 GW wind project with Egyptian Electricity Transmission Company.
“As the Government of Egypt’s ambitious energy diversification plans continue to gain momentum, it is assuring to see key investors from the Arab World join hands to support the development of clean energy projects in the country” Mohammad Abunayyan, ACWA Power Chairman, was quoted in a statement.
He further stated, “At ACWA Power, we are proud that regional and global project finance organisations continue to place strong confidence in our ability to deliver giga scale renewable projects that are delivering impact and value across the world.”
It has been informed that by 2026, the 1.1 GW Wind Energy project will provide energy to over a million households.