ACWA Power signs $2.3 billion energy deal in Egypt
Deal News | Feb 19, 2025 | Zawya
ACWA Power, a Saudi Arabian energy provider, has signed a power purchase agreement (PPA) worth SAR 8.60 billion ($2.3 billion) for a significant wind energy project in Hurghada, Egypt. Set to develop, build, own, and operate the 2 gigawatt (GW) plant, ACWA Power has entered a long-term 25-year agreement with Egypt's state-owned Egyptian Electricity Transmission Company (EETC), with the official signing dated for February 18, 2025. The financial outcomes of this agreement are predicted to be visible in the company's financial records in 2026. This agreement follows a previous collaboration in January between ACWA Power and HAU Energy for the development of a 1.1-GW wind farm in the Suez region.
Sectors
- Renewable Energy
- Infrastructure
Geography
- Saudi Arabia – ACWA Power is based in Saudi Arabia.
- Egypt – The wind energy project will be implemented in Hurghada, Egypt, and involves a deal with the Egyptian government agency EETC.
Industry
- Renewable Energy – The article discusses ACWA Power's investment in wind energy projects, which falls under the Renewable Energy industry.
- Infrastructure – The development and operation of a wind power plant are key infrastructure projects contributing to sustainable energy solutions.
Financials
- $2.3 billion – The total value of the power purchase agreement for the wind energy project in Egypt.
- SAR 8.60 billion – The value of the power purchase agreement in Saudi Riyals.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| ACWA Power | Target Company | Company | A Saudi Arabian energy provider specializing in power generation and desalinated water production. |
| Egyptian Electricity Transmission Company (EETC) | Partner/Contractor | Company | A state-owned enterprise responsible for electricity transmission in Egypt. |
| HAU Energy | Partner | Company | A subsidiary of Hassan Allam Utilities, involved in renewable energy projects. |