Acwa Power-led consortium to develop $1.5 billion wind power project in Egypt

Seetao 2022-06-22 09:36
  • The project aims to mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year
  • The wind energy project falls within the Egyptian government's strategic framework for energy diversification and utilizes the country's abundant natural resources to generate wind power
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A consortium led by Saudi Arabia's Acwa Power will develop a 1.1 GW wind power project in Egypt with an investment of $1.5 billion. The consortium, comprising Egypt-based Hassan Allam Holding, will jointly complete site studies and secure financing during the development phase of the project. Located in the Gulf of Suez and Gabalel Zeit region, the wind project will be the largest wind farm in the Middle East and one of the largest onshore wind farms in the world. The project will use modern wind turbines with blade heights of up to 220 meters, which will help to achieve optimal use of the designated plot in the most efficient way. The plant is expected to close financially in the third quarter of 2024 and will be in commercial operation by the end of 2026.

The Egyptian Ministry is taking action to ensure the resilience of the energy strategy, which aims to increase the contribution of renewable energy to 42% by 2035. Mr. El Markabi said the project is an example of the Egyptian government's efforts to increase private sector participation in the implementation of green energy projects in the North African country and to attract international, Arab and local companies to invest in the country. Egypt is also preparing to host the UN climate conference Cop27 in November, a global forum to discuss countries' efforts to combat climate change.

Mohammad Abunayyan, Chairman of Acwa Power, said, "We are honored to contribute to strengthening the ties between Saudi Arabia, our homeland and Egypt through this landmark wind power project, and sincerely thank the leaders of both countries for believing in our ability to achieve them. renewable energy mission. Despite global economic turmoil, this wind energy project demonstrates a commitment to a greener tomorrow, and we look forward to working with like-minded partners for a better future.

This is Acwa Power's third project in Egypt and its first wind farm, following the 120 MW Ben Ban solar IPP project and the 200 MW Kom Ombo solar power plant in the Aswan region. The project marks an important milestone under Egypt's plan to decarbonize the energy sector and achieve the country's Nationally Determined Contribution goals. Dalia Wahba, Deputy CEO and Chief Investment Officer of Hassan Allam Utilities, said: "We are proud to be part of this flagship project and look forward to a fruitful partnership. Keywords: engineering construction, engineering news

Hassan Allam Utilities, the investment and development arm of Hassan Allam Holding, currently operates a 50 MW solar power plant, cementing its position as one of Egypt's leading green energy producers.Editor/XingWentao