A consortium led by Saudi-listed ACWA Power and including Hassan Allam Utilities, the investment and development arm of Egypt’s Hassan Allam Holding, signed on Wednesday a 25-year land usufruct agreement for a 1.1-gigawatt (GW) wind power project in Egypt.

The agreement was signed between the consortium and the Egyptian New and Renewable Energy Authority (NREA).

ACWA Power said the wind farm, which will be located at the Gulf of Suez and Gebel El Zeit areas, represents an investment of up to $1.5 billion.

Under the agreement, the consortium will work during the development phase to complete site studies and secure project finance.

The statement said the project will utilize state-of-the-art wind turbine technology with turbine tip height of around 220 metres, the tallest in the Gulf of Suez area, thereby optimising land use efficiency.

Once operational, the project will offset 2.4 million tonnes of carbon dioxide annually and provide power to approximately 1,080,000 households, the statement added.

Read more: Hassan Allam Utilities holds 25% of ACWA Power’s wind power project

Saudi's ACWA Power to develop 1.1GW wind farm in Egypt

(Writing by Marwa Abo Almajd; Editing by Anoop Menon)

(anoop.menon@lseg.com)

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