ACWA Power to complete raising $1.5B fund within November for Egypt’s wind power project
Updated 9/18/2024 12:14:00 PM
Arab Finance: The Saudi Arabia-based ACWA Power is set to complete raising $1.5 billion in funds next November for a wind energy project in Egypt’s Gulf of Suez, a government official told Asharq Business.
The Saudi firm has conducted all the studies on the project, which will have a production capacity of up to 1,100 megawatts (MWs), the source noted.
The project’s final contracts are expected to be sealed before the end of this year, he added.
The project is slated to be established on a 146-square-kilometer area, allocated by the New and Renewable Energy Authority (NREA) in favor of ACWA Power under a usufruct system in exchange for 2% of the project’s annual energy production.
Furthermore, the Egyptian government is committed to procuring the energy generated from the project at $0.02 per kilowatt hour throughout the turbines’ lifespan of around 25 years.
The official highlighted that the project would contribute to eliminating 1.1 million tons of carbon dioxide emissions annually, adding that it will be implemented over two phases, with a capacity of 550 MWs each and a total of 138 turbines.
With a height of around 210 meters, each turbine will have a capacity of about 8 MWs.
The official revealed that the construction works will start before the end of this year, expecting the project to be launched within 30 months and be fully operational before end-2027.
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