ACWA Power signs MoU for 10 GW wind project in Egypt

ACWA Power, a global power developer, and Egypt's New and Renewable Energy Authority (NREA) have signed a Memorandum of Understanding (MoU) to develop a 10 GW wind power project in Egypt. The memorandum of understanding designates approximately 3,000 km2 of land near Sohag for the development of the project.

The 10 GW wind power project is crucial for Egypt. The country intends to use renewable energy sources to advance its electricity sector and wean itself off fossil fuels by 2035, gradually reducing its CO2 emissions and increasing the proportion of renewable energy in its energy matrix to 41%. This wind power project will play a crucial role in achieving this objective.

The wind power plant's impressive annual output of approximately 50,000 GWh of renewable energy is expected to provide electricity to approximately 11 million households. In addition, the project is estimated to reduce CO2 emissions by up to 25.5 million metric tonnes per year, contributing significantly to Egypt's efforts to combat climate change and promote sustainability.

In addition to its environmental benefits, this project also possesses enormous economic potential. Egypt is anticipated to save approximately $6.5 billion annually on natural gas costs due to the wind power facility. It will also generate substantial employment opportunities, including an estimated 45,000 direct jobs during construction and 75,000 indirect jobs. Furthermore, it is expected that approximately 2,500 positions will be created during the operation and maintenance phases of the solar plant.

With the MoU signed, ACWA Power and NREA have to collaborate on the project's design, construction, and operational aspects. As the project progresses, it will be crucial that all stakeholders involved are aligned to ensure that the essential parts of the development process leverage the latest technologies, best practices, and insights from other successful renewable energy projects worldwide.