Saudi Arabia's ACWA Power is building the world's second largest "wind farm" in Egypt
Mohammed Abu Nayan, Chairman of the Saudi ACWA Power Company, said that the company recently signed a contract with the Egyptian government to build a wind power plant with a capacity of 10 gigawatts, at a cost of about 10 billion dollars.
Abu Nyan added, in an interview with the Saudi "Al-Sharq" channel, yesterday, Friday, that the company is currently working on the financial closure of another wind energy project with a capacity of 1.1 gigawatts in Egypt also at an estimated cost of one billion dollars.
Earlier, ACWA Power announced the signing of a memorandum of understanding with the Egyptian government to establish a 10 GW wind farm, which is expected to be the second largest in the world.
The company will establish the second project in the city of Suez, in partnership with the Oman Investment Authority, and based on a memorandum of understanding signed by the two parties, last week.
The Suez Wind Power Plant project, which is expected to start operating in 2026, is located near the city of Ras Ghareb in the Gulf of Suez and Gabal El-Zeit region in Egypt.
The project will generate power (1.1 gigawatts) using turbines up to 220 meters high, in addition to employing the latest technologies.
As for the plant, it will operate at the highest level of performance efficiency, and will power about 1,080,000 housing units, and reduce approximately 2.4 million tons of carbon emissions annually.
The volume of the Saudi company's investments in new projects for the year 2023 amounts to about 13 billion dollars, and 10% of these investments will be in the form of self-financing, and the same will be from partner investors.
The remaining 80% will be financed as debt through the project financing mechanism, according to previous statements by the company's CEO.
It is expected that these projects will be reflected in the financial performance of the company, which turned profitable in the third quarter of this year, after the losses it achieved in the same period last year.
The company's profits amounted to 341.7 million riyals ($91 million) in the third quarter of 2022, compared to losses of 26.9 million riyals ($7.15 million) in the same period last year.
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