{"id":577274,"date":"2022-11-16T04:00:00","date_gmt":"2022-11-16T04:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/the-sfe-could-acquire-10-of-acwa-hassan-allam-wind-farm\/"},"modified":"2022-11-16T04:00:00","modified_gmt":"2022-11-16T04:00:00","slug":"the-sfe-could-acquire-10-of-acwa-hassan-allam-wind-farm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/the-sfe-could-acquire-10-of-acwa-hassan-allam-wind-farm\/","title":{"rendered":"The SFE could acquire 10% of ACWA, Hassan Allam wind farm"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>SFE could invest in 1.1 GW wind farm being developed by ACWA, Hassan <\/strong><strong>Allam: <\/strong>The Sovereign Fund of Egypt (SFE) could acquire a minority stake in ACWA Power\u2019s planned 1.1-GW wind farm in the Gulf of Suez. The wealth fund is considering making an investment in the facility under the terms of an MoU signed with the Saudi renewables developer yesterday, which could see it \u201cpotentially acquire up to 10%\u201d of the USD 1.5 bn project, the SFE said in <a href=\"https:\/\/ent.news\/2022\/11\/ACWA-Power-TSFE-MoU-EN-15112022.pdf\">a statement (pdf)<\/a>. That would see the fund invest up to USD 150 mn in the project, according to our math. A final agreement will be announced \u201csoon,\u201d three sources familiar with the matter told <a href=\"https:\/\/www.asharqbusiness.com\/article\/44104\">Bloomberg Asharq<\/a> yesterday.<\/p>\n<p><strong>The second sovereign fund to the party: <\/strong>News of the SFE\u2019s potential buy-in comes a week after the <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/0d767c54-0faa-4b60-b73f-4ddbb71c90b9\">Oman Investment Authority<\/a> inked an MoU with ACWA to acquire a 10% stake in the wind farm. The SFE would also buy its stake from ACWA, which currently owns 75% of the project, while Hassan Allam Holding is set to retain its 25% stake, according to Asharq.<\/p>\n<p><strong>More finance in the pipeline? <\/strong>The <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7c30f5c-e47b-4e2c-8596-bba8314fc4dc\">European Bank for Reconstruction and Development (EBRD)<\/a> is eyeing a potential investment in the Suez farm, Harry Boyd-Carpenter, the EBRD\u2019s managing director for climate strategy and delivery, <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b7c30f5c-e47b-4e2c-8596-bba8314fc4dc\">told Enterprise<\/a> earlier this week. Some 70-75% of the wind farm will be financed through loans, while the remainder will be self-financed, Asharq quotes its sources as saying. The project is expected to reach financial close by 4Q 2024.<\/p>\n<p><strong>REFRESHER-<\/strong> ACWA and Hassan Allam Holding signed a 25-year <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/031ecccd-f816-4657-ae61-58d9c32a706d\">power purchase agreement (PPA)<\/a> with the Egyptian Electricity Transmission Company (EETC) in June to develop the project under a build-own-operate framework. The project is expected to begin commercial operations by the end of 2026.<\/p>\n<p><strong>AND ANOTHER WIND FARM IN THE GULF OF SUEZ-<\/strong><\/p>\n<p><strong>GE could work on 1.5-GW Suez wind farm:<\/strong> General Electric, the Egyptian Natural Gas Holding Company (EGAS), and subsea robotics firm<a href=\"https:\/\/seasplit.com\/\"><\/a><a href=\"https:\/\/seasplit.com\/\">Seasplit Technologies<\/a> will do feasibility studies on a 1.5-GW offshore wind farm in the Gulf of Suez under an MoU signed earlier this week, according to <a href=\"https:\/\/www.zawya.com\/en\/press-release\/companies-news\/egas-seasplit-technologies-and-ge-announce-mou-for-the-industrial-decarbonization-of-the-gulf-of-suez-s2dua4h4\">a joint statement<\/a>. The farm will be used to power offshore oil and gas facilities, with excess power sent to the national grid.<\/p>\n<p><strong>That\u2019s alm<\/strong><strong>ost 30-GW <\/strong><strong>of wind power:<\/strong> Egypt has lined up 29.5 GW of wind projects in recent days, equivalent to half of the country\u2019s total installed power generation capacity. It\u2019s almost nine times the country\u2019s renewable power generation capacity, which stood at 3.4 GW at the end of 2021. Among the new projects on the horizon are two 10-GW wind farms, which will be two of the biggest in the world when running at full capacity.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>SFE could invest in 1.1 GW wind farm being developed by ACWA, Hassan Allam: The Sovereign Fund of Egypt (SFE) could acquire a minority stake in ACWA Power\u2019s planned 1.1-GW wind farm in the Gulf of Suez. The wealth fund is considering making an investment in the facility under the terms of an MoU signed [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":577275,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7207],"tags":[1042,7135,93,72,151,370],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-577274","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-acwa-power","tag-egas","tag-energy","tag-enterpriseam","tag-renewables","tag-sovereign-fund-of-egypt","wpautop","entry"],"acf":{"mongo_id":"f41c35d7-5b75-4306-89c7-0a716849a97f","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/11\/254.jpg","photo_position":"above","related_issue":[577268],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The SFE could acquire 10% of ACWA, Hassan Allam wind farm - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/the-sfe-could-acquire-10-of-acwa-hassan-allam-wind-farm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The SFE could acquire 10% of ACWA, Hassan Allam wind farm\" \/>\n<meta property=\"og:description\" content=\"SFE could invest in 1.1 GW wind farm being developed by ACWA, Hassan Allam: The Sovereign Fund of Egypt (SFE) could acquire a minority stake in ACWA Power\u2019s planned 1.1-GW wind farm in the Gulf of Suez. 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Saudi renewables company ACWA Power is in advanced talks with the Sovereign Fund of Egypt (SFE) to build a c. 250 MW wind farm in the Gulf of Suez, Al Borsa reports, citing unnamed sources who claimed a contract could\u2026","rel":"","context":"In &quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/333.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":612373,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/12\/21\/acwa-power-to-set-up-a-usd-4-bn-green-hydrogen-plant-in-sczone\/","url_meta":{"origin":577274,"position":1},"title":"Acwa Power to set up a USD 4 bn green hydrogen plant in SCZone","author":"enterpriseam admin","date":"21 December 2023","format":false,"excerpt":"The project first phase of the project will have a production capacity of 600k tonnes of green ammonia","rel":"","context":"In 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&quot;Energy&quot;","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/1515.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577087,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/09\/egypt-has-just-lined-up-as-much-as-25-gw-worth-of-wind-projects\/","url_meta":{"origin":577274,"position":3},"title":"Egypt has just lined up as much as 25 GW worth of wind projects","author":"enterpriseam admin","date":"9 November 2022","format":false,"excerpt":"Egypt lined up commitments for up to another 15 GW of wind power yesterday, bringing to 25 GW the total new wind-power generation capacity it has locked in recent days. 25 GW: That\u2019s A LOT of power. 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