ACWA Power set to explore bringing on Oman Investment Authority as co-investor for 1.1GW Suez Wind Energy project
الثلاثاء - 08 نوفمبر 2022
Tue - 08 Nov 2022
The MoU was signed by Mulham Al Jarf, Acting Deputy President for Investment, OIA, and Paddy Padmanathan, Vice-Chairman and CEO, ACWA Power, in the presence of Mohammad Abunayyan, Chairman of ACWA Power, and other senior executives.
According to the terms of the MoU, OIA will assess the possibility of owning up to 10% of the project, which is valued at US$1.5billion in totality. Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company, has a 25% stake in the project, with ACWA Power holding the remaining equity. When completed in 2026, the project will be the largest single contracted wind farm in the Middle East region.
“Suez Wind Energy was already a remarkable project because of its ambition and scale-- bringing together investors from within the Arab world for this regional project proves that the will for implementation, the key mission of COP 27, is strong,” said Mohammad Abunayyan, Chairman, ACWA Power. “The signing of this key MOU demonstrates the confidence of the investor community in ACWA Power’s expertise and capability to deliver giga scale projects. As we continue to build upon our renewables portfolio in Egypt, we value our continued partnership with Oman Investment Authority as well as Hassan Alam Holdings and believe their collaboration and contribution on this significant wind energy project will strongly enable the energy diversification goals of the nation” he added.
ACWA Power earlier signed a joint development agreement with OQ, an OIA-owned entity, in May 2022. Along with Air Products, the agreement involves the development of a multibillion-dollar green hydrogen project in Oman.
Mulham Basheer Al Jarf, Acting Deputy President for Investment at Oman Investment Authority, said, “We signed the MOU as it is in line with the Sultanate’s efforts to enhance joint investments with our brothers in the Kingdom of Saudi Arabia and the Arab Republic of Egypt in renewable energy projects, particularly wind power. Oman has a net zero emissions goals by 2050, and to this end, the country is developing an ambitious plan for energy transformation and decarbonisation, which includes the implementation of major projects in the field of hydrogen and renewable energy. OIA is also majorly focused on investments in the renewable energy sector to build a long-term sustainable future, whether through its companies in the same field or partnerships with regional and international investors such as Hassan Allam Holding and ACWA Power.”
By 2026, the Suez Wind Energy will mitigate the impact of 2.4 million tonnes of carbon dioxide emissions per year and provide electricity to 1,080,000 households.
Related Articles
THE RED SEA SOUK ANNOUNCES PROJECTS AND PARTICIPANTS FOR ITS SECOND EDITIONTHE RED SEA SOUK ANNOUNCES PROJECTS AND PARTICIPANTS FOR ITS SECOND EDITION
MBC GROUP RETURNS AS FESTIVAL PARTNER FOR THE 2022 EDITION OF RED SEA INTERNATIONAL FILM FESTIVALMBC GROUP RETURNS AS FESTIVAL PARTNER FOR THE 2022 EDITION OF RED SEA INTERNATIONAL FILM FESTIVAL
Minister of Energy and Minister of Trade, Industry, and Energy of South Korea Discuss Strengthening Energy CooperationMinister of Energy and Minister of Trade, Industry, and Energy of South Korea Discuss Strengthening Energy Cooperation
THE RED SEA INTERNATIONAL FILM FESTIVAL PRESENTS ‘FAMILIES AND CHILDREN’ PROGRAMME FOR YOUNG AUDIENCESTHE RED SEA INTERNATIONAL FILM FESTIVAL PRESENTS ‘FAMILIES AND CHILDREN’ PROGRAMME FOR YOUNG AUDIENCES