Acwa Power has another mega wind farm brewing in Egypt

Acwa Power expands its wind energy portfolio in Egypt: Renewables giant Acwa Power is setting up a 2 GW wind farm in Egypt’s South Hurghada at a cost of SAR 8.6 bn (c. USD 2.3 bn), Energy Minister Abdulaziz bin Salman said during the first day of the Egypt Energy Show (EGYPES). The company inked a power purchase agreement with the Egyptian Electricity Transmission Company for the project, he added.

Acwa has another big wind farm in the works: Acwa Power and Egypt’s energy and infrastructure leader Hassan Allam Utilities are also setting up a USD 1.2 bn, 1.1 GW wind farm in the Gulf of Suez. The project reached a financial close earlier this year and is expected to kick off commercial operations in 2Q 2027.

ICYMI- The European Bank for Reconstruction and Development (EBRD) approved a USD 275 mn syndicated loan for the project in late 2024. The companies were reportedly set to secure close to USD 900 mn in financing by the end of 2024 for the project.

PLUS- Saudi Arabia and Egypt signed an executive plan that should see the two sides set up a program for energy efficiency, look into setting up a joint entity to implement energy efficiency projects, and exchange expertise in the field, according to statements from the Saudi Energy Ministry and the Egyptian Oil Ministry.