ACWA Power signs $1.5 bln deal with Egyptian Electricity to develop, operate wind farm

21/06/2022 Argaam

Logo of ACWA Power 

ACWA Power Co.’s subsidiary Suez Wind Energy Project Co. and Egyptian Electricity Transmission Co. (EETC) signed a power purchase agreement (PPA) valued at $1.5 billion for one of the largest onshore wind farms in the world and the Middle East.  

  

The wind project will be located in the Gulf of Suez and Gabal El Zeit area, according to a bourse statement.   

  

ACWA Power will develop, fund, build and operate the wind farm with a production capacity of 1.1 gigawatt (GW), the company said, adding that the PPA duration is 25 years.   

 

The project will be designed to use the latest wind turbines technologies with tip height of up to 220 meters, the highest in the Gulf of Suez, which helps use the designated land plots in the most efficient way.

 

The financial impact of the contracted revenues is expected to materialize when the first phase starts commercial operation by Q4 2025. 

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