ACWA Power, a prominent Saudi Arabian energy company, is poised to secure $1.5 billion by November for a major wind energy project in Egypt’s Suez region. This innovative initiative will deliver around 1,100 megawatts and be strategically located in the Gulf of Suez along the Red Sea coast, according to an Egyptian government official.
All necessary studies have been completed. Final contracts are expected to be signed by the end of 2024, paving the way for the project to begin.
Spanning 146 square kilometers, the project land has been granted to ACWA Power by the New and Renewable Energy Authority under a usufruct system, entailing a 2% share of the annual energy yield.
The project aims to offset 1.1 million tons of carbon dioxide annually and will be executed in two 550-megawatt phases. A total of 138 turbines, each with an 8-megawatt capacity and standing 210 meters tall, will be deployed. Construction is slated to start before the end of 2024, with full operational status expected before 2027.
According to exclusive information from the Egyptian Ministry of Electricity and Renewable Energy, this project is part of Egypt’s broader Vision 2030 strategy to boost its renewable energy capacity. The initiative aims to increase the renewable energy share to 42% by 2035. The collaboration with ACWA Power is pivotal in achieving these goals.
Local communities will benefit through job creation and infrastructure development, with thousands of jobs expected during the construction phase and long-term operational roles.
This project underscores the importance of international partnerships in advancing sustainable energy solutions, strengthening the ties between Saudi Arabia and Egypt, and setting a precedent for future renewable energy endeavors in the region.
