The Egyptian government has set a purchase price of $2.4 cents per kilowatt-hour (kWh) for electricity generated from Saudi-listed ACWA Power’s 2-gigawatt (GW) wind energy project on the Red Sea coast, according to a report by Asharq Business

The wind power plant will be developed under the build-operate-transfer (BOT) model, with ACWA Power funding the entire project, Asharq Business reported, citing an unnamed government official.

The payments will be made in Egyptian pounds, but a majority of the payments will be settled in US dollars, the official said.

Last week, ACWA Power announced it signed a 25-year Power Purchase Agreement (PPA) with the state-owned Egyptian Electricity Transmission Company (EETC) for a 2-gigawatt (GW) wind energy project in Egypt.

The project, valued at $2.23 billion, is targeted to achieve financial close in 2026, and slated to become the largest wind farm in Egypt on completion.

(Editing by Anoop Menon) (anoop.menon@lseg.com) 

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