Acwa Power signs 2GW Egypt wind contract
19 February 2025
Riyadh-based utility developer and investor Acwa Power has announced signing a 25-year power-purchase agreement with the Egyptian Electricity Transmission Company (EETC) for a 2GW wind project in Egypt.
In a statement, Acwa Power said the 2GW scheme brings its total contracted projects in the North African state to an equivalent of $8.8bn and a gross capacity of 4.8GW.
The project will require an investment of $3bn. It is expected to become the largest wind farm in Egypt, surpassing the capacity of the 1.1GW Suez wind farm, which Acwa Power and a subsidiary of Egypt’s Hassan Allam Utilities, HAU Energy, is developing.
Acwa Power said it expects the 2GW project to reach financial close in 2026.
The project supports the Egyptian government's goal of increasing renewable energy's share of the electricity generation mix to 42% by 2030, the firm said.
The project is also expected to reduce carbon dioxide emissions by more than 3.5 million tonnes annually, contributing significantly to Egypt's climate change mitigation efforts.
In addition to the 1.1GW Suez wind farm, which requires an investment of $1.2bn, Acwa Power has two operational assets in the North African state: a 120MW solar photovoltaic (PV) project in Benban and a 200MW solar PV facility in Kom Ombo.
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