ACWA Power Company signed a memorandum of understanding with Oman Investment Authority to explore bringing the sovereign wealth fund on as an investor for the 1.1 GW Suez Wind Energy project in Egypt. The MoU was signed at COP27, the annual conference on climate change backed by the United National Framework Convention on Climate Change, held at Sharm El Sheikh.According to the terms of the MoU, OIA will assess the possibility of owning up to 10% of the project, which is valued at US$1.5billion in totality. Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company, has a 25% stake in the project, with ACWA Power holding the remaining equity. When completed in 2026, the project will be the largest single contracted wind farm in the Middle East region.ACWA Power earlier signed a joint development agreement with OQ, an OIA-owned entity, in May 2022. Along with Air Products, the agreement involves the development of a multibillion-dollar green hydrogen project in Oman.By 2026, the Suez Wind Energy will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.
ACWA Power Company signed a memorandum of understanding with Oman Investment Authority to explore bringing the sovereign wealth fund on as an investor for the 1.1 GW Suez Wind Energy project in Egypt. The MoU was signed at COP27, the annual conference on climate change backed by the United National Framework Convention on Climate Change, held at Sharm El Sheikh.According to the terms of the MoU, OIA will assess the possibility of owning up to 10% of the project, which is valued at US$1.5billion in totality. Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company, has a 25% stake in the project, with ACWA Power holding the remaining equity. When completed in 2026, the project will be the largest single contracted wind farm in the Middle East region.ACWA Power earlier signed a joint development agreement with OQ, an OIA-owned entity, in May 2022. Along with Air Products, the agreement involves the development of a multibillion-dollar green hydrogen project in Oman.By 2026, the Suez Wind Energy will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.
