Saudi-led consortium seals deal with Egypt on $1.5bn in 1.1 MW wind project

A consortium led by the Saudi-listed water desalination company ACWA Power has signed a usufruct agreement to invest $1.5 billion in a 1.1 MW wind project in Egypt, a statement by the Egyptian cabinet announced Thursday.

The agreement was signed between Egypt’s New and Renewable Energy Development and Utilization Authority and the consortium including the Egyptian private company Hassan Allam Holding.

The project is situated in the Gulf of Suez and Jebel El-Zeit regions and will be financed by the consortium.

The initiative according to the statement will help provide electricity to about one million housing units.

In addition, it is expected to contribute to reducing 2.4 million tons of carbon dioxide emissions per year, saving about 840,000 tons of fuel annually, and creating about 6,000 direct and indirect job opportunities.

The North African country according to the cabinet seeks to reduce carbon emissions and generate 42 percent of its energy from renewable sources by 2030.