ACWA Power has signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2GW wind project in Egypt.
The project, valued $2.3bn, will be the largest wind farm in Egypt, surpassing ACWA’s existing 1.1GW Suez wind farm.
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The wind project will also be the largest single-asset independent power producer (IPP) in Egypt, re-inforcing ACWA Power’s position as the largest renewable energy developer in Egypt and Africa.
The company has a total investment of $8.8bn and a gross capacity of 4.8GW in contracted projects.
Targeted for financial close in 2026, the 2GW wind project will support the Egyptian government in increasing renewable energy’s share in its electricity generation mix to 42% by 2030.
It is expected to reduce carbon dioxide emissions by 3.5 million tonnes (mt) annually, aiding Egypt’s climate change mitigation efforts.
ACWA Power founder and chairman of the board of directors Mohammad Abunayyan stated: “Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigour over the past decade.
“Additionally, it is a key step in expediting the country’s highly inspiring and ambitious energy transition, with this project we confirm ACWA Power as the leading private investor in power in Africa.”
ACWA Power has been present in Egypt since 2015 and operates two other facilities in the country: a 120MW solar PV project in Benban and a 200MW solar PV facility in Kom Ombo.
With regards to ACWA Power’s Suez wind farm, the company, in partnership with HAU Energy, secured a financial close in January 2025.
The financial package for the Suez wind farm includes a $703.6m senior debt facility from a consortium of international banks and financial institutions.
The European Bank for Reconstruction and Development led the financing effort. It was supported by the African Development Bank, the Arab Petroleum Investments Corporation, the British International Investment Corporation, the German Investment Corporation and the OPEC Fund for International Development.
