More details unveiled about Egypt's largest wind farm by ACWA Power
Riyadh: ACWA Power will be carrying out the largest wind farm in Egypt with a significant investment of approximately $2.30 billion, according to a press release.
The new project is surpassing the company's existing 1.1 GW Suez Wind Farm.
In addition, the wind farm will be the largest single-asset Independent Power Producer (IPP) in Egypt, further solidifying ACWA Power's position as the largest renewable energy developer in the country as well as Africa based on contracted projects with a total investment of $8.80 billion and a gross capacity of 4.8 GW.
The 2 GW wind project, which is targeted for Financial Close in 2026, will play an important role in supporting the Egyptian government to increase renewable energy share in its electricity generation mix to 42% by 2030.
Moreover, the project is expected to reduce carbon dioxide emissions by more than 3.5 million tonnes annually, contributing significantly to Egypt's climate change mitigation efforts upon the 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for the landmark wind farm.
Founder and Chairman of ACWA Power, Mohammad Abunayyan, said: 'Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigor over the past decade.'
Abunayyan noted: 'It [the agreement] is a key step in expediting the country's highly inspiring and ambitious energy transition, with this project we confirm ACWA Power as the leading private investor in power in Africa.'
ACWA Power has had a presence in Egypt since 2015 and currently has two other facilities in the country that are operational, including a 120 MW solar PV project in Benban, and a 200 MW solar PV facility in Kom Ombo.
It is worth noting that the Saudi listed company penned a share purchase agreement (SPA) with the regional subsidiary of French utility developer ENGIE to acquire assets worth $693 million in two Gulf countries.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Web Release
5 hours ago
- Web Release
EBRD supports Egypt with first private-to-private electricity contracts
Energy market reform is taking a major step forward in Egypt as the government approves the first bilateral power purchase agreements between private generators and consumers. As part of a pilot of the private-to-private (P2P) rules, developed with technical support from the EBRD to the Egyptian Electric Utility and Consumer Protection Regulatory Agency (Egypt ERA) and approved last year, four renewable energy projects with a combined capacity of 400 MW have been approved to contract directly with end-consumers of electricity. The four approved projects are: KarmSolar, which will develop a 100 MW solar plant to supply electricity to Suez Steel. AMEA Power, which is building a solar facility of the same size to serve BEFAR Group and the Suez Canal Container Terminal. TAQA PV, which will install 100 MW of hybrid capacity (solar and wind) to power operations at Ezz Steel. Enara, developing a hybrid plant to deliver 100 MW to the El Alamein Silicone Products Company and Helwan Fertilizers. The P2P rules set out the conditions under which generators can use the power grid to sell electricity directly to consumers, a major departure from the existing single-buyer model and a significant step forward in Egypt's efforts to liberalise its electricity market – a goal set out in the 2015 Electricity Law. This approach introduces competition into the electricity sector, expands consumer choice and promotes private investments in renewable energy. It also introduces a path for Egyptian businesses, especially those that are energy-intensive and focused on the export market, to sign agreements directly with renewable energy producers that are increasingly required to prove their low carbon product credentials, for example green hydrogen destined for the European market. Furthermore, given the electricity generation under these contracts will be entirely privately financed, the P2P scheme represents an important route for Egypt to scale up electricity production without the need for government contracts. Mark Davis, the EBRD's managing director for the southern and eastern Mediterranean region, said: 'This milestone shows how the right regulatory framework can unlock private investment and drive the energy transition. By enabling companies to procure green electricity directly from producers, Egypt is opening new opportunities for industry and enhancing its competitiveness. We are proud to have supported EgyptERA in designing this pioneering scheme and will continue working closely as projects move towards implementation.' Dr Mohamed Mousa Omran, the chairman of EgyptERA, said: 'This pilot marks an important step towards a more competitive electricity market in Egypt. By enabling direct agreements between producers and consumers, we are creating space for the private sector to play a greater role in meeting the growing demand for clean energy in Egypt. This is essential for accelerating the deployment of renewables at scale and achieving our long-term energy goals.' The EBRD's technical support is generously funded by the Swiss State Secretariat for Economic Affairs (SECO), a key partner for the Bank in many of its ongoing policy engagements that aim to decarbonise the energy sectors of its countries of operation. This work is being delivered under the EBRD's Renewable Energy Programme, which is currently supporting 16 countries in their development of market-based mechanisms to mobilise private investments. To date, activities under this programme have delivered over 8,500 MW of renewable energy capacity being awarded in 8 countries.
Tourism Breaking News
6 hours ago
- Tourism Breaking News
China extends visa-free entry to four GCC countries
Post Views: 35 China has launched a trial policy granting unilateral visa-free entry to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, expanding its visa-free access list to 47 countries, as per the recent report. Effective until June 8, 2026, the policy allows ordinary passport holders from these four Gulf Cooperation Council (GCC) countries to enter China visa-free for up to 30 days for business, tourism, family visits, cultural exchange, and transit. The policy has been warmly received across the Gulf region and is expected to enhance bilateral exchanges, strengthen cultural and people-to-people ties, and drive broader cooperation between China and the GCC. Currently, around 20 direct flights operate weekly between key Chinese cities—including Beijing, Shanghai, Guangzhou, and Shenzhen—and Saudi cities like Riyadh and Jeddah. The UAE is connected to 13 cities across mainland China through direct flights. This expansion marks a significant step in building economic and cultural relations between China and the Gulf states.
Al Etihad
8 hours ago
- Al Etihad
Visa-free access extended to 4 more Gulf countries by China
10 June 2025 15:26 BEIJING (Xinhua)China this week launched a trial policy that grants unilateral visa-free entry to citizens of Saudi Arabia, Oman, Kuwait, and Bahrain, expanding its unilateral visa-free access list to 47 the policy, which will remain in effect through June 8, 2026, holders of ordinary passports from these four countries can enter China without a visa for up to 30 days for purposes such as business, tourism, family visits, cultural exchange, and the United Arab Emirates and Qatar have established reciprocal visa-free arrangements with China since 2018, which means all six member states of the Gulf Cooperation Council (GCC) now enjoy visa-free access to expansion has been warmly welcomed across the Gulf region and is expected to boost bilateral exchanges, strengthen cultural and people-to-people ties, and inject new momentum into broader China-GCC a statement posted on platform X following China's announcement in late May, the Saudi Ministry of Foreign Affairs said the move would "contribute to encouraging mutual visits and deepening the bonds of friendship between the two friendly peoples."Naif Awlia, director of tourism and engagement at Saudi tourism developer Diriyah Company, also hailed the policy as a positive step forward. "Friendly ties are the foundation of long-term cooperation, and we look forward to deepening our partnership with China," he Travel, one of the largest travel companies in the Gulf region and an early mover in promoting outbound tourism to China, has launched new travel packages since the announcement, targeting residents of the UAE, Bahrain, and Saudi and Gulf countries already enjoy strong air travel connectivity, and the new visa-free policy is anticipated to further boost travel about 20 direct flights operate weekly between major Chinese cities -- including Beijing, Shanghai, Guangzhou, and Shenzhen -- and Saudi destinations such as Riyadh and Jeddah. The UAE is connected to 13 cities across the Chinese mainland with direct ahead, Chinese carrier Hainan Airlines plans to launch a direct Haikou-Jeddah route on June 28, while UAE carrier Emirates will begin daily nonstop service between Dubai and Shenzhen on July say the new policy reflects the growing political, economic, and cultural ties between China and the Gulf region. In 2024, trade between China and GCC countries reached $288.09 billion, making the GCC China's sixth-largest trading latest step underscores China's continued push to open its doors wider to global visitors, in line with its commitment to high-level late 2023, China has introduced a series of traveler-friendly policies. Starting June 1, holders of ordinary passports from Brazil, Argentina, Chile, Peru, and Uruguay are eligible for unilateral visa-free entry -- the first time such access has been extended to Latin American and Caribbean the visa-free transit period has been extended to 240 hours for travelers from 54 initiatives have already had a noticeable impact. In 2024, China recorded 3.39 million entries under its unilateral visa-free policy, a year-on-year surge of 1,200 percent. During the recent three-day Dragon Boat Festival holiday, 231,000 foreigners entered China without a visa, up 59.4 percent from a year earlier. Dai Bin, president of the China Tourism Academy, said foreign travelers come not only to visit China's landscapes and cities but also to experience everyday life. "These visits offer opportunities to discover the real China," he said.
