– TSFE to potentially acquire up to 10% stake in the wind project through its Infrastructure & Utilities Subfund
– 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, today 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.
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