Mubasher: Egypt’s New and Renewable Energy Authority (NREA) has signed a wind energy agreement valued at $1.50 billion with a consortium led by ACWA Power Company and Hassan Allam Utilities.
The 1.1-gigawatt (GW) wind energy project will be implemented in the Gulf of Suez and Gabal El-Zeit regions, according to an official statement.
Mohamed Shaker, Egypt’s Minister of Electricity and Renewable Energy, indicated that the alliance will team up to work on the completion of the project’s site studies and securing financing for it.
Once completed, the project will contribute to reducing 2.4 million tonnes of carbon dioxide emissions annually. This is in addition to saving about 840,000 tonnes of fuel on an annual basis and providing nearly 6,000 direct and indirect job opportunities.
Shaker also underlined that the project is set to be the largest of its kind in the Middle East and one of the world’s largest for wind energy production.
Last December, ACWA Power sealed a deal to develop a green hydrogen project in the Arab Republic at an investment exceeding $4 billion.
In the first nine months (9M) of 2023, the listed company registered SAR 1.08 billion in net profit after Zakat and tax, up 22.49% from SAR 883.42 million during the January-September 2022 period.
