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Acwa + HAU update investment ticket for mega wind farm: Saudi renewables giant Acwa Power and Hassan Allam Utilities (HAU) are reportedly set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Egypt, an unnamed source with knowledge of the matter told EnterpriseAM Climate.
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It’s an update from earlier this year: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority (NREA) for the wind farm in the Gulf of Suez back in January, saying at the time the project had an an investment value of up to USD 1.5 bn. Commercial operations are set to begin by the end of 2026, according to a statement released at the time.
Acwa and HAU have completed all studies for the project, Asharq Business reports.The final contracts are expected to be signed before the end of the year ahead of kicking off project implementation.
About the project: In June 2022, Acwa Power and HAU signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop the project under a build-own-operate framework. Once completed, the project is set to become the largest on-shore wind farms in the Middle East, and one of the largest in the world.
Acwa has other plans in store for Egypt: Acwa Power’s vice chairman Raad Al Saady said the company plans to invest USD 1.5 bn in a new project in Egypt earlier this week. No further details were provided.
