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Davidson Kempner acquires Swire Energy Services to strengthen offshore presence
International Petroleum repurchases 89,200 shares under its NCIB programme
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ACWA Power to Develop Egypt’s Largest Wind Farm with 2 GW by 2026

ACWA Power has signed a 25-year power purchase agreement (PPA) with EETC for the development of a 2 GW wind project in Egypt, representing a USD 2.3 billion investment and helping the country increase its renewable energy share.
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Egypt continues to pursue its ambition of diversifying its energy sources and enhancing its renewable capacity with a new major project. ACWA Power has signed a 25-year power purchase agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to develop a 2 gigawatt (GW) wind farm. The total estimated cost of the project is USD 2.3 billion, with completion expected by 2026.

A Strategic Project for Egypt

Once completed, this wind farm will be the largest in Egypt, surpassing the existing Suez wind farm, which has a capacity of 1.1 GW. The development of this new facility is part of Egypt’s broader efforts to meet its ambitious climate and energy targets. By 2030, the Egyptian government aims to increase the share of renewable energy in its national energy mix to 42%, reducing dependence on fossil fuels and contributing to global greenhouse gas emission reduction efforts.

ACWA Power: A Key Player in Renewable Energy

For ACWA Power, this project marks a significant milestone, further cementing its position as a leading private developer of renewable energy in Egypt. With a total installed capacity of 4.8 GW and a cumulative investment of USD 8.8 billion in the country, the company plays a central role in Egypt’s energy transition. The project will also reduce CO₂ emissions by more than 3.5 million tonnes annually, aligning with Egypt’s commitments under the Paris Agreement.

Favorable Conditions for Renewable Expansion

Egypt benefits from ideal climatic conditions for the development of solar and wind farms. Its geographical location, with consistent winds and strong solar exposure, makes it a strategic area for renewable energy infrastructure. In addition to this wind project, ACWA Power is also involved in several other solar projects in Egypt, including a 120 MW park in Benban and a 200 MW facility in Kom Ombo.

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