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  • 03-11-22

    Saudi ACWA Power inks MoU to establish 10GW wind venture in Egypt

    (MENAFN) Saudi Arabia’s ACWA Power Co. has inked an opening deal with Egyptian entities to establish a 10 gigawatts venture to output electricity from wind energy in the north African nation.

    The Memorandum of Understanding has been signed with Egypt’s New & Renewable Energy Authority as well as Egyptian Electricity Transmission Co., as said by the Saudi Ministry of Energy’s announcement.

    Egypt is going to be supplying the lands needed to complete possible studies for the ventures in advance of the inking of the final deals.

    The deal was inked throughout a gathering in Riyadh among Electricity Minister Mohamed Shaker as well as Saudi Energy Minister Prince Abdulaziz bin Salman.

    Throughout the gathering, both ministers also talked about the development of the electrical interconnection among both nations and talked about features of collaboration in the sectors of renewable energy as well as hydrogen.

    Previously in June, Saudi Arabia’s ACWA Power financed USD1.5 billion in a wind power plant in Egypt as the firm grows its horizons in renewable energy.

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