Renewable Energy Acwa Power to build 2GW wind power project in Egypt By Pramod Kumar February 19, 2025, 10:14 AM Acwa Power Financial close on the wind power plant is expected to be achieved following environmental studies next year Saudi renewables major Acwa Power will build, own and operate a 2-gigawatt (GW) wind power generation plant in South Hurghada, Egypt, typically enough to power nearly 2 million homes. The company, which is listed on the Saudi stock exchange, signed a 25-year power purchase agreement (PPA) with the state-run Egyptian Electricity Transmission Company for the SAR8.6 billion ($2.3 billion) power project, the company said in a statement. Financial close is expected to be achieved following environmental studies next year. In December 2024 Acwa Power signed a 20-year senior debt agreement worth SAR2.63 billion ($703 million) with a syndicate of development financial institutions to build a 1.1GW wind power plant in the Suez governate. The power plants are developed under Egypt’s Nexus of Water, Food & Energy programme, which has a renewable energy target of 10GW. Acwa Power signs green hydrogen supply deal with Germany Acwa Power joins China’s renewable energy surge Arab investments in Egypt’s economy reach nearly $40bn Acwa Power already manages five existing solar projects in Upper Egypt with a combined investment of around $2 billion and “will continue to look for other opportunities” in photovoltaic solar power, CEO Marco Arcelli told AGBI in September 2024. He said the company is open to acquisitions in new markets but is most focused on consolidating its presence in Egypt, Morocco and South Africa and will “invest more where the opportunities develop fastest”. Shares of the company, which is 44 percent owned by the Public Investment Fund (PIF), closed at SAR 392 on the Tadawul on Tuesday, down 3 percent since the start of the year. In a separate statement, Acwa Power said it will buy stakes in assets in Kuwait and Bahrain worth $693 million from France’s Engie. The share purchase agreement covers operating capacities of 4.6GW of gas-fired power generation and 1.11 million cubic meters per day of water desalination facilities. Additionally, it includes related operations and maintenance companies in Kuwait and Bahrain. The transaction comprises an 18 percent stake in Az Zour North in Kuwait. The Saudi company will also acquire 45 percent stakes each in Al Ezzel and Al Dur projects, as well as a 30 percent stake in the Al Hidd facility, which are located in Bahrain
