ACWA Power has inked a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2 GW wind project in Egypt. The investment in the project is approximately $2.3 billion. The project is expected to reach financial close in 2026.
Furthermore, this wind project will support the Egyptian government in increasing the share of renewable energy in its electricity generation mix to 42 per cent by 2030. It is also expected to reduce carbon emissions by over 3.5 million tonnes annually.
In January 2025, ACWA Power and HAU Energy achieved financial close for the 1.1 GW Suez Wind Farm in Egypt. This project secured a $ 703.6 million senior debt facility from a consortium of banks. The project is situated in the Gulf of Suez and Gabal El-Zeit area and involves a total investment of $1.2 billion. ACWA Power holds a 70 per cent share in the project, while HAU Energy owns the remaining 30 per cent.
