Photo from ACWA Power.

ACWA Power, OIA ink MoU to co-invest in 1.5GW wind project in Egypt

The Oman Investment Authority is looking into owning 10% of the project.

ACWA Power and the Oman Investment Authority (OIA) signed a memorandum of understanding to explore the potential of co-investing in the 1.1-gigawatt Suez Wind Project in Egypt.

Under the MoU, OIA will study the possibility of holding up to a 10% stake in the $1.5b-worth wind project.

Egyptian engineering, construction and infrastructure firm Hassan Allam Holdings owns 25% of the project, whilst the remaining is held by ACWA Power.

READ MORE: ACWA Power net profit surges 110% YoY in first 9 months of 2022

The project, which will be the largest single contracted wind farm in the Middle East, is expected to operate by 2026 and abate the impact of 2.4 million tonnes of carbon dioxide emissions annually and supply electricity to 1.08 million households.

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