{"id":644041,"date":"2024-09-19T00:00:00","date_gmt":"2024-09-19T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/"},"modified":"2024-09-19T00:00:00","modified_gmt":"2024-09-19T00:00:00","slug":"acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/","title":{"rendered":"ACWA Power, Hassan Allam plan to secure close to USD 900 mn for their mega Gulf of Suez wind farm by year end"},"content":{"rendered":"

ACWA and <\/strong>HAU<\/strong> update investment ticket for mega wind farm: <\/strong>Saudi renewables giant ACWA Power and Hassan Allam Utilities (HAU) are reportedly 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 Enterprise. <\/p>\n

It\u2019s an update from earlier this year: <\/strong>The consortium signed a 25-year land usufruct<\/a><\/a>agreement<\/a> 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.<\/p>\n

ACWA and HAU have completed all studies for the project<\/strong>, Asharq Business<\/a> reports, citing an unnamed government source. The final contracts are expected to be signed before the end of the year ahead of kicking off project implementation. Asharq\u2019s 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. <\/p>\n

Remember:<\/strong> 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<\/a>. 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.<\/p>\n

ACWA has other plans in store for Egypt<\/strong>, with the company\u2019s vice chairman Raad Al Saady saying that the company plans<\/a> to invest USD 1.5 bn in a new project in Egypt earlier this week. No further details were provided. <\/p>\n","protected":false},"excerpt":{"rendered":"

The consortium signed a 25-year land usufruct agreement for the wind farm in January<\/p>\n","protected":false},"author":1,"featured_media":644042,"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":[1042,93,72,8277,151,7081],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-644041","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-energy","tag-acwa-power","tag-energy","tag-enterpriseam","tag-hassan-allam-utilities","tag-renewables","tag-wind-power","wpautop","entry"],"acf":{"mongo_id":"a627ddcc-5e87-4c76-a1e0-33b30fea09f8","order":"4","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/9\/1515.jpg","photo_position":"above","homepage_title":"","full_issue_title":"ACWA Power, Hassan Allam plan to secure close to USD 900 mn for their mega Egypt wind farm by year end","related_issue":[644036],"teaser":"The consortium signed a 25-year land usufruct agreement for the wind farm in January","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/9\/.ef1553b9-fd54-46f0-9671-45460ca95d7b.mp3"},"yoast_head":"\nACWA Power, Hassan Allam plan to secure close to USD 900 mn for their mega Gulf of Suez wind farm by year end - 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\/2024\/09\/19\/acwa-power-hassan-allam-plan-to-secure-close-to-usd-900-mn-for-their-mega-gulf-of-suez-wind-farm-by-year-end\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ACWA Power, Hassan Allam plan to secure close 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"Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2025\/1\/430.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577274,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/16\/the-sfe-could-acquire-10-of-acwa-hassan-allam-wind-farm\/","url_meta":{"origin":644041,"position":3},"title":"The SFE could acquire 10% of ACWA, Hassan Allam wind farm","author":"enterpriseam admin","date":"16 November 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/254.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":577202,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/11\/14\/masdar-infinity-hassan-allam-consortium-could-ink-agreements-on-10-gw-wind-farm-by-years-end\/","url_meta":{"origin":644041,"position":4},"title":"Masdar-Infinity-Hassan Allam consortium could ink agreements on 10-GW wind farm by year\u2019s end","author":"enterpriseam admin","date":"14 November 2022","format":false,"excerpt":"Like the wind: Final contracts for the 10 GW Masdar-Infinity-Hassan Allam windfarm announced last week at COP27 could be signed before the end of the year, Hesham El Gamal, general manager at Infinity, told Bloomberg Asharq.The timeline: The consortium aims to complete studies and reach financial close within 18 months\u2026","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/11\/214.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":590362,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/07\/18\/acwa-power-receives-land-in-sohag-for-10-gw-mega-wind-farm\/","url_meta":{"origin":644041,"position":5},"title":"ACWA Power receives land in Sohag for 10-GW mega wind farm","author":"enterpriseam admin","date":"18 July 2023","format":false,"excerpt":"Sohag could be home to 25 GW of wind generation capacity if all three planned wind farms get built; Egypt looks to source 42% of power from renewables by 2030","rel":"","context":"In "Energy"","block_context":{"text":"Energy","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/energy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/7\/706.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/644041","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=644041"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/644041\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/644036"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/644042"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=644041"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=644041"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=644041"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=644041"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=644041"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}