Wind – The Sovereign Fund of Egypt joins ACWA Energy as co-investor of 1.1 GW Wind Vitality mission within the Suez Gulf Space
The MoU was signed at COP27 in Sharm El Sheikh by Karim Badr Chief Govt Officer, TSFE Infrastructure & Utilities Subfund; Yasir Mahmoud, Govt Vice President – Enterprise Improvement, ACWA Energy; Hassan Amin, Nation Director- Egypt, ACWA Energy, within the presence of Egypt Electrical energy Transmission Committee (EETC) delegates, Egypt’s New and Renewable Vitality Authority delegates and different senior executives.
Per the phrases of the MoU, ACWA Energy and TSFE will now interact in discussions for TSFE’s Infrastructure & Utilities Subfund to come clean with 10 p.c of the mission. At the moment, mission buyers embrace Hassan Allam Holdings, an Egyptian engineering, building and infrastructure firm (25 p.c stake) and ACWA Energy.
The Oman Funding Authority, the Sultanate’s sovereign wealth fund, not too long ago signed an identical settlement with ACWA Energy, to have an fairness stake of as much as 10 p.c of the identical facility.
That is the primary occasion of The Sovereign Fund of Egypt (TSFE) investing in ACWA Energy’s Egyptian or worldwide portfolio. The corporate has had a presence in Egypt since 2015 and has developed the 120 MW PV mission in Benban, a 200 MW PV facility in Kom Ombo, together with Suez Wind Vitality, which would be the largest single contracted wind farm, and largest wind associated public personal partnership in Africa to this point. Moreover, ACWA Energy has additionally signed a memorandum of understanding to develop one other 10 GW wind mission with Egyptian Electrical energy Transmission Firm (EETC), which is more likely to be developed in phases.
“Because the Authorities of Egypt’s bold power diversification plans proceed to realize momentum, it’s assuring to see key buyers from the Arab World be a part of fingers to help the event of fresh power tasks within the nation” stated Mohammad Abunayyan, ACWA Energy Chairman. “This tangible endorsement signifies that Arab buyers are trying firmly in direction of implementing sustainable options that profit communities whereas making certain world local weather motion pledges. At ACWA Energy, we’re proud that regional and world mission finance organisations proceed to put sturdy confidence in our skill to ship giga scale renewable tasks which are delivering affect and worth the world over.”
By 2026, the 1.1 GW Wind Vitality mission will present power to over one million households and displace 2.4 million tonnes of carbon dioxide emissions yearly. Elsewhere on the African continent, ACWA Energy has a lot of tasks in growth or in operation; 5 tasks in Morocco and three in South Africa all in renewable power.
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