Author: PPD Team Date: 20/02/2025
ACWA Power has signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2 GW wind project in Egypt, with an estimated investment of USD 2.3 billion. The project is expected to reach financial close in 2026.
The wind project will contribute to Egypt’s goal of increasing renewable energy’s share in its electricity generation mix to 42% by 2030. It is also projected 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. The project secured a USD 703.6 million senior debt facility from a consortium of banks and involves a total investment of USD 1.2 billion. Located in the Gulf of Suez and Gabal El-Zeit area, ACWA Power holds a 70% stake, while HAU Energy owns the remaining 30%.