Riyadh – Mubasher: ACWA Power Company has signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) to allocate land for a 10 gigawatt (GW) wind project in Egypt.

The wind power plant is expected to provide the Egyptian economy with $6.50 billion in savings in annual natural gas costs and secure up to 120,000 job opportunities, according to a press release.

Under the deal, the project will be developed on a land of nearly 3,000 square kilometres west of Sohag. It is forecast to generate around 50,000 gigawatt-hours (GWh) of clean energy annually, powering around 11 million households and mitigating the impact of 25.50 million tonnes of carbon emissions on a yearly basis.

ACWA Power has three other facilities in Egypt, such as a megawatt (MW ) solar photovoltaic (PV) project in Benban, a 200 MW solar PV facility in Kom Ombo, and the 1.1 GW Suez wind energy project.

Mohamed Shaker El-Marqabi, the Egyptian Minister of Electricity and Renewable Energy, stated that the Arab Republic adopted an ambitious programme to advance the electricity sector in various fields that includes maximising the utilisation of new and renewable energy resources.

The initiative also "encourages investment in these fields to enable energy independence from fossil fuels, continuing to reduce carbon emissions, and increasing renewable energy capacity in the energy mix up to 42% by 2035."

El-Marqabi  added: "This focus also aligns with Egypt’s Vision 2030 and the National Climate Strategy 2050 with a view to mitigating the impact of climate change challenges and achieving sustainable economic growth."

Marco Arcelli, CEO of ACWA Power, said: “We are determined to harness the vast potential of wind power, creating jobs, reducing emissions, and ensuring a greener and brighter future for Egypt, in alignment with ACWA Power's vision for a sustainable planet."

The Tadawul-listed firm recently secured financing agreements for Al Shuaibah 1 and Al Shuaibah 2 PV projects at a total investment of SAR 8.30 billion, equivalent to $2.20 billion.