ACWA Power signs $1.5bn deal to develop, operate wind farm in Egypt
ACWA Power Co.’s subsidiary Suez Wind Energy Project Co. and Egyptian Electricity Transmission Co. (EETC) signed a power purchase agreement valued at $1.5 billion for one of the largest onshore wind farms in the world and the Middle East.
The wind firm will be located in the Gulf of Suez and Gabal El Zeit areas, according to a bourse statement.
ACWA Power will develop, fund, build and operate the wind farm with a production capacity of 1,100 megawatts (MW), the company said, adding that the contract 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.