MoU signed for 1.1 GW onshore wind project in Egypt

ACWA Power Company has signed a memorandum of understanding (MoU) with Oman Investment Authority (OIA) to explore bringing the sovereign wealth fund on as an investor for the 1.1GW Suez Wind Energy project in Egypt. 

In accordance with conditions of the MoU, OIA will examine the potential for owning up to 10% of the project, which has a total estimated value of US$1.5 billion. A 25% share in the project is owned by the Egyptian engineering, construction, and infrastructure firm Hassan Allam Holdings, and the remaining stock is held by ACWA Power.

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. The project is expected to be complete in 2026.