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ACWA and HAU update investment ticket for mega wind farm: Renewables giant Acwa Power and Egypt’s Hassan Allam Utilities (HAU) are set to secure close to USD 900 mn in financing by the end of the year for their 1.1 GW wind farm in Gulf of Suez, a source with knowledge of the matter told EnterpriseAM Egypt.
It’s an update from earlier this year: The consortium signed a 25-year land usufruct agreement with the New and Renewable Energy Authority for the wind farm back in January, saying at the time the project had 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, citing an unnamed Egyptian government source. The final contracts are expected to be signed before the end of the year ahead of kicking off project implementation. Asharq’s sources said that the project will be implemented over two 550 MW phases and is expected to be fully operational by the end of 2027. Construction is scheduled to begin before the end of this year, with an estimated completion time of 30 months.
Remember: Acwa Power and Hassan Allam signed a 25-year power purchase agreement with the Egyptian Electricity Transmission Company to develop the wind farm under a build-own-operate framework back in June 2022. ACWA said at the time that the onshore wind farm will be one of the largest in the world and the largest in the Middle East.
