Hassan Allam Holding and ACWA Power signed a project agreement to co-develop a 1.1GW wind project in Egypt

Hassan Allam Holding and ACWA Power signed a project agreement to co-develop a 1.1GW wind project in Egypt worth US$1.5 billion. The 1.1 GW project is one of the largest onshore wind farms in the world and the largest in the Middle East and will be located in the Gulf of Suez, Gabal el Zeit area.

The signing ceremony of the agreement took place today in Cairo, Egypt, in the presence of His Royal Highness Prince Abdulaziz bin Salman Al Saud, Saudi Arabia’s Minister of Energy, His Excellency Dr. Mohamed Shaker El-Markabi, Egypt’s Ministry of Electricity and Renewable Energy, Her Excellency Dr. Hala El Said, Egypt’s Minister of Planning and Economic Development, His Excellency Eng. Khalid Bin Abdulaziz Al-Falih, Minister of Saudi Investment; His Excellency Dr. Majid Bin Abdullah Alkassabi, Saudi Arabia’s Minister of Commerce, His Excellency Dr. Issam bin Saad bin Saeed, Minister of State and Cabinet member for Shoura Council affairs.

“The project marks an important milestone in Egypt’s plans to decarbonize the energy sector and meet its targets under the country’s Intended Nationally Determined Contributions (INDCs). We are proud to be part of this flagship project and look forward to a fruitful partnership,” said Dalia Wahba Deputy CEO and Chief Investment Officer of Hassan Allam Utilities. “Egypt has embarked on a serious economic reform program sending a clear invitation to the private sector to support building a greener and brighter future. As a group, Hassan Allam Holding is committed to being a positive contributor to the environment. We are adopting sustainability principles and expanding our investments into large-scale green energy projects,” she added.

This is the third large-scale green energy project that Hassan Allam Utilities has entered, cementing its position as a key player in the decarbonization strategy and paving the way to becoming one of the region’s largest green energy producers.

Upon completion, the project will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.