ACWA Power, Oman Investment Authority Study Possibility of Wind Power Plant Project in Egypt

ACWA Power, Oman Investment Authority Study Possibility of Wind Power Plant Project in Egypt

Saudi Arabia and Oman signed on Tuesday a memorandum of understanding to study the possibility of investing up to 10 percent in the development, construction, and operation of the 1.1 GW Suez wind power plant project, which is valued at $1.5 billion.

Oman News Agency reported that Oman Investment Authority (OIA) signed an MoU with Saudi Arabia's Acwa Power to study the possibility of investing up to 10 percent in the Suez wind power plant project in Egypt.

The signing of the memorandum of understanding was attended by Prince Abdulaziz bin Salman, Saudi Minister of Energy, and Engineer Salem Al Aufi, Omani Minister of Energy and Minerals.

ACWA Power Company signed a memorandum of understanding with the Egyptian New and Renewable Energy Authority and the Egyptian Electricity Transmission Company on Nov. 1 to build the 10 gigawatts (GW) wind energy project.

The MoU was signed on the sidelines of the 27th Conference of the Parties to the United Nations Framework Convention on Climate Change (COP27) in Sharm El-Sheikh, Egypt.

The deal focuses on cooperation in the fields of oil, gas, electricity, and renewables. It will also facilitate cooperation on carbon capture, reused, and storage.

The MoU also includes cooperation on hydrogen as well as enhancing digital