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ACWA Power inks $1.5bn deal with Egypt’s EETC

ACWA Power inks $1.5bn deal with Egypt’s EETC
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Riyadh – Mubasher: Suez Wind Energy Project Company, owned by ACWA Power Company, has signed a power purchase agreement (PPA) worth $1.50 billion with the Egyptian Electricity Transmission Company (EETC).

ACWA Power and EETC will team up for operating one of the largest on-shore wind farms in the world and the Middle East, according to a bourse disclosure.

The 25-year contract covers the development, financing, building, and operation of the wind farm, which will be located in the Gulf of Suez and Gabal El-Zayt regions, with a production capacity of 1,100 megawatts (MW).

The Saudi listed firm pointed out that the project’s financial impact will reflect on its income statements once the first phase achieves the commercial operating date in the fourth quarter (Q4) of 2025.

During the January-March 2022 period, ACWA Power logged net profits after Zakat and tax worth SAR 151.85 million, an annual growth of 9.21% from SAR 139.03 million.