The Saudi company ACWA Power will finish raising financing for a wind energy project in Suez, Egypt, next November, with a value of approximately $1.5 billion, according to an Egyptian government official who spoke with Al-Sharq on the condition that his name not be published.
The government official who spoke with Al-Sharq revealed that ACWA Power has completed all studies for the project, which has a total production capacity of about 1,100 megawatts and is being built in the Gulf of Suez region on the Red Sea coast. It is expected that the final contracts for the project will be signed before the end of the year in preparation for the start of implementation.
The total area of the project is 146 square kilometers, and the New and Renewable Energy Authority allocated the land to “ACWA Power” with a usufruct system in exchange for 2% of the energy produced from the project annually. The Egyptian government is also committed to purchasing the energy produced from the project at a price of two years per kilowatt-hour throughout the entire period. The life span of the turbines reaches about 25 years.
The official added that the project will contribute “to eliminating 1.1 million tons of carbon dioxide annually, and will be implemented in two stages with a capacity of 550 megawatts for each stage, with a total of 138 turbines. The capacity of each turbine will reach about 8 megawatts and a height of about 210 meters per turbine.”
Construction work on the project will begin before the end of this year, and the project will take about 30 months to launch, and it will be fully operational before the end of 2027, according to the official.
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