ACWA Power and the Egyptian Electricity Transmission Company (EETC), an affiliate of the Egyptian state-owned power utility Egyptian Electricity Holding Company (EEHC) have signed a US$1.5bn power purchase agreement for a 1.1 GW onshore wind plant located in the Gulf of Suez and Gabal al-Zayt regions. ACWA Power will develop, finance, build, own and operate the project, which is scheduled to be commissioned in 2025. The deal was approved by the Egyptian Council of Ministers in December 2021.
In April 2021, the company signed a 25-year PPA, network connection contract and usufruct agreement with EETC and the Egyptian New and Renewable Energy Authority (NREA) for a 200 MW solar PV power plant at Kom Ombo, in Upper Egypt on the river Nile. The plant should enter commercial operations in 2022. In 2021, Egypt’s onshore wind installed capacity reached 1.6 GW (+19% compared to 2020). The country targets 14% of power generated from wind in 2035 (3% in 2021) and 25% from solar (1% in 2021).
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