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ACWA Power signs PPA for 2 GW wind project in Egypt

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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…

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ACWA Power secures financing for 1.1GW Suez wind farm in Egypt

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ACWA Power, in partnership with HAU Energy, has achieved financial close for the 1.1GW Suez wind farm in Egypt’s Gulf of Suez region.  The financing includes a $703.6m senior debt facility from a consortium of international banks and financial institutions, with the European Bank for Reconstruction and Development leading the deal. The $1.2bn project aims to support Egypt’s goal of sourcing 42% of its electricity from renewable energy by 2040. ACWA Power holds a 70%…

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ACWA Power signs agreement with Uzbekistan for 2 GWh battery storage projects

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On November 16, 2024, ACWA Power signed a binding Implementation Agreement (IA) with Uzbekistan’s Ministry of Energy to develop up to 2 GWh of standalone Battery Energy Storage Systems (BESS) across the country.  The agreement was formalized during COP29 in Baku, Azerbaijan, in the presence of Uzbek President Shavkat Mirziyoyev, Azerbaijani President Ilham Aliyev, and Saudi Energy Minister Prince Abdulaziz bin Salman. The IA builds on a Memorandum of Understanding (MoU) signed earlier in May…

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ACWA Power secures $240 million IFC loan for Uzbekistan’s RE projects

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ACWA Power has obtained a $240 million Islamic Equity Bridge Loan (EBL) from the International Finance Corporation (IFC) to support renewable energy initiatives in Uzbekistan.  The financing will facilitate the construction and operation of two projects: a 1 GW solar photovoltaic plant and a 668 MW battery energy storage system (BESS), along with approximately 500 km of high-voltage transmission lines.  These projects aim to reduce Uzbekistan’s greenhouse gas emissions by an estimated 1.3 million tonnes…

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ACWA Power grows renewable portfolio in Africa

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ACWA Power’s Redstone Concentrating Solar Power (CSP) plant in South Africa has synchronized 50 MW to the national grid, with full capacity expected to reach 100 MW shortly.  Developed in collaboration with Herlogas and SEPCOIII, the Redstone CSP is set to deliver clean energy to approximately 200,000 households, significantly curbing carbon emissions. Meanwhile, the Kom Ombo Photovoltaic (PV) plant in Egypt has achieved its full production capacity of 200 MW, supplying clean energy to over…

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Arctech secures 2.3 GW solar trackers in Saudi Arabia

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Arctech has signed a major supply agreement with China Energy Engineering Group Co., Ltd. to provide 2.3 GW of its 1P single-axis solar tracker system, SkyLine II, for the PIF4-Haden project owned by ACWA Power. This project, supporting Saudi Vision 2030, is expected to reach commercial operations by early 2027. SkyLine II’s innovative synchronous multi-point drive mechanism enables it to operate effectively in the strong winds typical of the desert site. Its modular design allows…