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An alliance led by Saudi Arabia’s ACWA Power (TADAWUL:2082) has signed a usufruct agreement with the Egyptian government for a 1.1-GW wind energy project in the Gulf of Suez and Jabal El-Zeit.
The deal was inked by the New and Renewable Energy Authority (NREA) and representatives of the Saudi developer and its partner on the project, Egypt-based engineering, construction and infrastructure company Hassan Allam Holdings. The signing ceremony took place on Wednesday and was witnessed by Prime Minister Mostafa Madbouly and Mohamed Shaker, Minister of Electricity and Renewable Energy.
Under the agreement, the consortium will work during the development phase to complete site studies and secure financing for the Suez Wind Energy project which is estimated to cost about USD 1.5 billion (EUR 1.36bn), Shaker commented after the ceremony.
Once up and running, the wind farm is expected to supply power to about one million households, offsetting 2.4 million tonnes of carbon dioxide emissions and saving about 840,000 tonnes of fuel per year.
The project is majority owned by ACWA Power with Hassan Allam holding a 25% interest. Oman Investment Authority (OIA) signed a memorandum at COP27 in 2022 to explore a potential investment in the initiative, targeting up to 10%.
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