ACWA Power, a Saudi energy company, and Hassan Allam Holdings, an Egyptian engineering company, have signed a project agreement to develop a 1.1 GW wind project. The wind project will be constructed in Egypt’s Gulf of Suez and Gabal el Zeit region and will cost $1.5 billion. The project is scheduled to be financially closed by the third quarter of 2024 and operational by the end of 2026.
During the project’s development phase, both companies will collaborate to perform site studies and secure financing for the facility. The wind farm will be able to generate enough clean energy to power 1.8 million households and offset 2.4 million tonnes of carbon dioxide emissions each year.
In March 2022, ACWA Power secured financing for the massive Red Sea tourism project on the west coast of Saudi Arabia, which is set to feature a 320 MW solar array and a 1.3 GWh off-grid battery. The project reached financial close, securing a $1.3 billion debt facility. The $1.302 billion senior debt facilities were secured by ACWA Power, SPIC Huanghe Hydropower Development Company, and Saudi Tabreed Cooling Company.