Saudi ACWA Power signs $2.3bn agreement to build 2GW wind power plant in Egypt

Saudi Arabia renewable energy firm ACWA Power has signed a 25-year power purchase agreement (PPA) with Egyptian Electricity Transmission Company (EETC) to develop, build, own, and operate a 2GW wind power plant in Egypt, Argaam reported on February 18.

Prince Abdulaziz bin Salman, the Saudi Minister of Energy, announced that the $2.3bn wind power plant is to be located in South Hurghada off the Red Sea coast. It will be the largest wind power project of its kind in Egypt. 

The wind farm supports Egypt’s Nexus of Water, Food & Energy (NWFE) initiative, which promotes renewable energy investment and sustainable development. Egypt aims to produce 10 GW of renewable energy capacity by 2028.

The project is part of Egypt's efforts to attract investment in the energy sector and expand its diverse energy projects. ACWA Power has a previous project to build a 1.1GW wind power plant at the Gulf of Suez in Egypt's Red Sea Governorate. 

Suez Wind Energy is a joint venture between ACWA Power and HAU Energy, a funding vehicle incorporated in the Netherlands to develop and operate renewable energy projects in Egypt. ACWA Power achieved a financial close for the $1.2bn project in January.