Saudi energy company, ACWA Power, has signed a Memorandum of Understanding (MoU) with the Oman Investment Authority (OIA) which will pave way for the Oman government-owned investment platform to inject up to $1.5 billion towards the development and operation of the 1.1 GW Suez Wind Energy Project in Egypt.
The MoU, signed by Mulham Al Jarf, Acting Deputy President for Investment, OIA, and Paddy Padmanathan, Vice-Chairman and CEO, ACWA Power, during the COP27 Summit in Egypt, will enable OIA to acquire a 10% stake in the Suez Wind Energy project.
Co-owned by ACWA Power through a 75% stake and Hassan Allam Holdings via a 25% stake, the renewable project – currently under construction until 2026 – will be the largest single contracted wind farm in the Middle East region, powering over one million consumer households and avoiding the emissions of 2.4 million tons of carbon per annum, according to a statement.
According to Al Jarf, the MoU is in line with OIA and Oman’s efforts to boost investments in hydrogen and renewable projects, in partnership with regional parties, to meet 2050 net-zero emissions target.
Mohammad Abunayyan, ACWA Power Chairman, added that “As we continue to build upon our renewables portfolio in Egypt, we value our continued partnership with OIA as well as Hassan Allam Holdings and believe their collaboration and contribution on this significant wind energy project will strongly enable the energy diversification goals of the nation.”
