ACWA Power starts implementing Egypt-based energy project: Report

ACWA Power Co. headquarters

Huadong PowerChina Engineering Corporation Ltd. (HDEC) has begun executive works for the construction of ACWA Power Co.’s 1,100-megawatt (MW) wind energy project in Egypt, Al Arabiya reported, citing sources.

ACWA Power obtained the necessary permits from the Egyptian Electric Utility Regulatory Agency. It is committed to raising authorized capital of the project’s joint venture (JV) company to $100 million, to which it shall also add the activity of selling electric power to its purposes, the sources added.

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The project, slated to be among the region’s largest wind projects, is scheduled to be implemented over two 550-MW phases. The first phase is projected to be completed in December 2026, while the second would be finalized by June 30, 2027, according to the sources.

HDEC’s contractor agreement represents 70-80% of the project’s total implementation cost, they noted.

According to data available to Argaam, ACWA Power signed on Dec. 30, 2024, financing agreements worth SAR 2.64 million for the development, construction, operation and maintenance of a 1,100-MW wind power plant in Suez Governorate, Egypt.

The project’s investment cost is estimated at SAR 4.13 billion, with ACWA Power holding a 70% stake.