ACWA Power Signs USD 2.3 billion Deal to Develop the Largest Wind Farm in Egypt

Aleqtsad. Riyadh

ACWA Power, the world’s largest private water desalination company, leader in energy transition, and first mover into green hydrogen, today announced the signing of a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a landmark 2 GW wind project in Egypt.

Representing a significant investment of approximately USD 2.3 billion, the project will become the largest wind farm in Egypt, surpassing ACWA Power’s existing 1.1 GW Suez Wind Farm. It will also be the largest single-asset Independent Power Producer (IPP) in the country, further solidifying the Company’s position as the largest renewable energy developer in Egypt based on contracted projects, with a total investment of USD 8.8 billion and a gross capacity of 4.8 GW.

The 2 GW wind project, which is targeted for Financial Close in 2026, will play an important role in supporting the Egyptian government to increase renewable energy share in its electricity generation mix to 42% by 2030. Moreover, the project is expected to reduce carbon dioxide emissions by more than 3.5 million tonnes annually, contributing significantly to Egypt’s climate change mitigation efforts.

Commenting on the agreement, Mohammad Abunayyan, Founder & Chairman of the Board of Directors of ACWA Power, said: “Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigor over the past decade. Additionally, it is a key step in expediting the country’s highly inspiring and ambitious energy transition.” “With this project we confirm ACWA Power as the leading private investor in power in Africa.” He added.

ACWA Power has had a presence in Egypt since 2015 and currently has two other facilities in the country that are operational, including a 120 MW solar PV project in Benban, and a 200 MW solar PV facility in Kom Ombo.

About ACWA Power

ACWA Power (TADAWUL:2082) is a Saudi-listed company and the world’s largest private water desalination company, the first mover into green hydrogen, and a leader in energy transition. Registered and established in 2004 in Riyadh, Saudi Arabia, ACWA Power employs over 4,000 people and is currently present in 14 countries in the Middle East, Africa, Central Asia, and Southeast Asia. ACWA Power’s portfolio comprises 99 projects in operation, advanced development, or under construction with an investment value of SAR 381 billion (USD 101.6billion) and the capacity to generate 73.8GW of power and manage 9.5million m3/day of desalinated water per day. This energy and water are delivered on a bulk basis to address the needs of state utilities and industries on long-term, off-taker contracts under utility services outsourcing and public-private partnership models.

Learn more: www.acwapower.com