Saudi Arabia’s Acwa Power on 18 February signed a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) to finance, develop, build, own and operate a wind farm with “capacity of up to 2.0GW” at Hurgada on Egypt’s Red Sea coast.
Acwa, in a filing to Saudi Arabia’s Tadawul exchange, values the contract at SAR 8.6billion ($2.3bn) and says that financial close “is expected in 2026” and “will occur after the completion of the environmental studies, which are expected to be finished by mid-2026.” (CONTINUED - 279 WORDS)
