Saudi-led consortium to invest $1.5 bln in 1.1 MW wind project in Egypt

Ahram Online , Wednesday 10 Jan 2024

A consortium led by the Saudi-listed water desalination company ACWA Power signed on Wednesday a usufruct agreement to invest $1.5 billion in a 1.1 MW wind project in Egypt, according to a statement by the Egyptian cabinet.

Prime Minister Mostafa Madbouly attended the signing ceremony of a $1.5 billion wind project with a consortium led by the Saudi-listed water desalination company ACWA (Photo: The Egyptian cabinet)


The project is located in the Gulf of Suez and Jebel El-Zeit regions and will be financed by the consortium, according to the statement.

The agreement was signed between Egypt’s New and Renewable Energy Development and Utilization Authority and the consortium including the Egyptian private company Hassan Allam Holding.

The project will help provide electricity to about one million housing units, said Mohamed Shaker, electricity and renewable energy minister, at the signing ceremony.

The project, Shaker noted, will contribute to reducing 2.4 million tons of carbon dioxide emissions per year, saving about 840,000 tons of fuel annually, and creating about 6,000 direct and indirect job opportunities, according to the statement,

Upon completion, the project will be the largest of its kind in the Middle East and also one of the world's largest onshore wind energy projects, the minister added.

Egypt seeks to reduce carbon emissions and generate 42 percent of its energy from renewable sources by 2030.

The country has signed dozens of renewable project agreements with regional and international corporations to maximize its renewable energy capacity.

Short link: