Land Agreement signed for 1.1 GW Onshore Wind project in Egypt

Hassan Allam Utilities and ACWA Power have signed a 25-year land usufruct agreement with Egypt’s New and Renewable Energy Authority for a 1.1 GW Wind Energy project in Egypt.

The US$1.5 billion project is set to be the largest of its kind for wind energy production in the Middle East and one of the largest onshore wind energy projects globally. Once completed the wind facility will have the capacity to generate enough energy to power 1,080,000 households and will offset 2.4 million tonnes of carbon dioxide emissions per year.

In November 2022, ACWA Power signed a memorandum of understanding (MoU) with the Oman Investment Authority (OIA) to explore bringing the sovereign wealth fund on as an investor for the project. In accordance with the conditions of the MoU, OIA will examine the potential for owning up to 10% of the project, a 25% share in the project is owned by Hassan Allam Holdings, and the remaining stock is held by ACWA Power.

The consortium will work during the project’s development phase to complete site studies and secure project financing in the Gulf of Suez and Jabal Al-Zeit regions.