Saudi Arabia-based independent power producer ACWA Power has finalized a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a groundbreaking 2 GW wind energy project in Egypt. Upon completion, the facility will become the largest wind power plant in Africa, marking a significant milestone in the continent’s renewable energy landscape.
The wind energy project will be built for an estimated investment of approximately USD 2.3 billion, with financial close expected in 2026.
ACWA Power highlighted that the project will play an important role in supporting Egypt reach its goals to increase the share of renewable energy 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.
“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,” said Mohammad Abunayyan, Founder and Chairman of the Board of Directors of ACWA Power.
“Additionally, it 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,” added Abunayyan.
ACWA Power has had a presence in Egypt since 2015. The company owns and operates the 1.1 GW Suez Wind Farm, which is currently the largest wind power plant in Egypt. The Saudi Arabian energy company also owns and operates two other facilities in the country, including a 120 MW solar PV project in Benban, and a 200 MW solar PV facility in Kom Ombo.
The completion of the 2GW wind project will make ACWA Power the largest single-asset Independent Power Producer (IPP) in Egypt, further solidifying the company’s position as one of the largest renewable energy developers in Africa based on contracted projects, with a total investment of USD 8.8 billion and a gross capacity of 4.8 GW.
