ACWA Power, OIA sign MoU to study investments in Egypt’s wind energy project

Officials at the signing ceremony

Oman Investment Authority (OIA) signed a memorandum of understanding (MoU) with ACWA Power Co. to study the possibility of investing up to 10% in the development, construction, and operation of Suez Wind Energy project in Egypt, state-owned Oman News Agency reported.

The $5.1 billion wind energy project has an output capacity of 1.1 gigawatts.

The project, located in Suez Gulf and Gabal El Zeit province near Ras Gharib city, is expected to start operation in 2026.

Energy will be generated using 220 meters tip-height wind turbines with the latest technology.

The project is scheduled to operate at the highest level of performance efficiency, and will power about 1.8 million housing units, reducing approximately 4.2 million tons of carbon emissions annually.

The MoU was signed on the sidelines of the COP27 summit in Sharm El-Sheikh, Egypt.