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Oman’s sovereign wealth fund has signed an agreement with Saudi Arabia’s ACWA Power to invest in a 1.1-gigawatt (GW) wind power farm project in Egypt, a newspaper said on Tuesday.
The Oman Investment Authority (OIA) signed the memorandum of understanding with ACWA at the UN's COP27 climate summit in Sharm El Sheikh on Monday, the Egyptian Arabic language daily Addustour said.
“ACWA Power and OIA on Monday signed a MoU for the construction of a 1.1 GW wind power plant in Suez Canal,” the paper said.
It did not provide details of the agreement, which followed last week’s signing of a MoU between the Saudi power giant and the Egyptian Electricity Transmission Company. Officials said the project involves investment of nearly $1.5 billion.
In June, ACWA Power had announced that its consortium with Egyptian firm Hassan Allam Holding would develop a 1.1GW wind power project in the Gulf of Suez and Gabal El Zeit area. The company said the project is expected to reach financial close by the third quarter of 2024 and start commercial operations by the end of 2026.
Egypt aims to increase its renewable energy sources to 42 per cent by 2035, from about 11 per cent in 2019.
(Writing by Nadim Kawach; Editing by Anoop Menon)
