ArabFinance: Hassan Allam Utilities, the investment, and development, an arm of Hassan Allam Holding, is holding a stake of around 25% of the new wind power project planned to be built in Suez Gulf and Gabal El Zeit, Asharq Business reported on June 22nd, citing Chief Investment Officer at Hassan Allam Dalia Dalia Wahba.
The project will be executed in partnership with Saudi Arabia’s ACWA Power which holds 75% of the project.
The project will be financed through a mixture of capital and long-term loans from development finance sources, including the International Finance Corporation (IFC), Asian Infrastructure Investment Bank, and the European Bank for Reconstruction and Development (EBRD), Wahba revealed.
The project will be among the biggest wind power projects in the world and will use turbines with blades that reach a height of around 220 meters.
Upon completion, the project would cut 2.4 million tons of carbon dioxide emissions annually and provide electricity to more than one million residential units.
The financial closure of the project is expected to take place by the third quarter (Q3) of 2024. It is slated for commercial operations by the end of 2026.
On June 21st, a deal was signed between ACWA Power and Egyptian Electricity Holding Co (EEHC) to generate clean energy from wind turbines with a capacity of 1,100 megawatts.