- Saudi Arabian independent power producer (IPP) Acwa Power is continuing the development of its 1.1 GW wind project in Gabal el Zeit, in the Gulf of Suez.
- Its capital is now open to several investors to commission the wind farm in 2026.
The Saudi company Acwa Generating is mobilizing several investors to expedite the building of its wind power project in the Gulf of Suez. The Sovereign Fund of Egypt (TSFE), which will own a 10% interest, is a notable example. In addition, the fund has recently boosted its investments in Egypt’s energy sector to support the country’s emerging green hydrogen industry.
The majority of the green ammonia and hydrogen projects launched in the Suez Canal Economic Zone are being developed by the TFSE. According to Karim Badr, Managing Director of TFSE’s Infrastructure & Utilities division, the investment in the 1.1 GW wind farm “is another significant manifestation of our strategy to invest in renewable energy generation to decarbonize Egypt’s energy sector and capitalize on the country’s green energy sources”. Moreover, it demonstrates our commitment to move from promises to implementation in collaboration with private sector pioneers.
In the Gulf of Suez community of Gabal el Zeit, a 1,100 MW wind farm will be constructed. The facility will be operated in 2026 after Acwa Power invests $1.5 billion. The Egyptian Electricity Transmission Company (EETC) infrastructure will be able to supply more than one million Egyptian homes with electricity thanks to the wind farm, said Acwa Power. Additionally, 2.4 million tonnes of CO2 equivalent in annual emissions are anticipated to be mitigated by the facility.