Tuesday, 16 July 2024

ACWA Power invests $1.5 bln in Egypt wind power plant

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Saudi ACWA Power subsidiary, Suez Wind Power, has invested $1.5 billion in a wind power plant in Egypt, this is to purchase energy for one of the largest wind energy production projects in the world and the largest in the Middle East, which will be located in the Gulf of Suez and Jabal al-Zayt regions, with a production capacity of 1,100 MW.

ACWA Power said in a statement on Tadawul that the contract duration will be 25 years, the project will be designed to use the latest wind turbine technologies with a terminal height of 220 meters, to be the highest in the Gulf of Suez region, which helps to use the lands allocated for the project at the highest level of efficiency.

The company expects the financial impact to appear after the start of commercial operations, which is expected in the second quarter of 2025.

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