The Sovereign Fund of Egypt joins ACWA Power as co-investor of 1.1 GW wind energy project in the Suez Gulf area

The Sovereign Fund of Egypt joins ACWA Power as co-investor of 1.1 GW wind energy project in the Suez Gulf area

- Project investors include Egypt’s Hassan Allam Holdings and Oman Investment Authority

- Valued at US$1.5 billion, the project is expected to be commissioned by 2026

Sharm El Sheikh, Egypt: ACWA Power, a leading Saudi developer, investor, and operator of power generation, water desalination and green hydrogen plants worldwide, signed a memorandum of Understanding (MoU) with The Sovereign Fund of Egypt (TSFE) to explore a joint investment in the 1.1 GW Wind Energy project, located in the Gulf of Suez in Egypt.

The MoU was signed at COP27 in Sharm El Sheikh by Karim Badr Chief Executive Officer, TSFE Infrastructure & Utilities Subfund; Yasir Mahmoud, Executive Vice President – Business Development, ACWA Power; Hassan Amin, Country Director- Egypt, ACWA Power, in the presence of Egypt Electricity Transmission Committee (EETC) delegates, Egypt’s New and Renewable Energy Authority delegates and other senior executives.

Per the terms of the MoU, ACWA Power and TSFE will now engage in discussions for TSFE’s Infrastructure & Utilities Subfund to own up to 10% of the project. Currently, project investors include Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company (25% stake) and ACWA Power. The Oman Investment Authority, the Sultanate’s sovereign wealth fund, recently signed a similar agreement with