ACWA Power Secures PPA for 2GW Wind Project in Egypt
Deal News | Feb 18, 2025 | Zawya
Saudi-listed company ACWA Power has entered into a power purchase agreement with the Egyptian Electricity Transmission Company to develop a 2-gigawatt wind energy project in South Hurghada, Egypt. Valued at SAR 8.6 billion ($2.29 billion), this project is currently the largest of its kind in Egypt, aiming to enhance renewable energy capabilities in the region. The announcement was made by Saudi Minister of Energy, Prince Abdulaziz bin Salman, during the Egypt Energy Show 2025. In addition to this, several renewable energy projects managed by Saudi companies such as Alfanar, FAS, and MOWAH are underway in Egypt, with a combined capacity of 1.696 GW and investments reaching nearly SAR 6.2 billion. Furthermore, the Saudi-Egypt Electricity Interconnection Project, with a SAR 6.7 billion valuation, is set to facilitate the exchange of 3,000 MW across its two phases, underpinning regional energy cooperation.
Sectors
- Renewable Energy
- Utilities
Geography
- Egypt – The location of the major wind energy project and several other renewable energy projects mentioned in the article.
- Saudi Arabia – Home country of ACWA Power and other Saudi firms investing in Egypt's renewable energy sector.
Industry
- Renewable Energy – The article revolves around the development of a substantial wind energy project and other renewable energy ventures in Egypt, highlighting the industry's growth and regional cooperation.
- Utilities – ACWA Power's engagement in a power purchase agreement positions it within the utilities sector, notably in energy production and distribution.
Financials
- $2.29 billion – The value of the 2GW wind energy project in Egypt.
- SAR 6.2 billion – The investment amount for several renewable energy projects by Saudi companies in Egypt.
- SAR 6.7 billion – The value of the Saudi-Egypt Electricity Interconnection Project.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ACWA Power | Developer | Company | Saudi-listed company engaged in developing the 2GW wind energy project in Egypt. |
| Egyptian Electricity Transmission Company (EETC) | Power Purchaser | Company | State-run company in Egypt entering into a PPA with ACWA Power. |
| Prince Abdulaziz bin Salman | Minister of Energy | Person | Saudi Minister of Energy who announced the project at the Egypt Energy Show 2025. |
| Alfanar, FAS, MOWAH | Project Participants | Company | Saudi companies involved in various renewable energy projects in Egypt. |