Cairo - ACWA Power Company signed a memorandum of understanding (MoU) with Oman Investment Authority (OIA) to explore bringing the sovereign wealth fund on as an investor for the 1.1GW Suez wind energy project in Egypt.

According to the terms of the MoU, OIA will assess the possibility of owning up to 10% of the project, which is valued at $1.5 billion in totality. Hassan Allam Holdings has a 25% stake in the project, with ACWA Power holding the remaining equity, according to a press release on Tuesday.

When completed in 2026, the project will be the largest single contracted wind farm in the Middle East region.

The MoU was signed at COP27, the annual conference on climate change backed by the United National Framework Convention on Climate Change (UNFCCC), being held at Sharm El Sheikh.

The signing ceremony was attended by Prince Abdulaziz bin Salman Al Saud, Minister of Energy of Saudi Arabia, Salim Al Aufi, Minister of Energy and Minerals of the Sultanate of Oman, and Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt.

“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, ACWA Power Chairman.

By 2026, the Suez wind energy project will mitigate the impact of 2.40 million tonnes of carbon dioxide emissions per year and provide electricity to 1.08 million households.

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