ACWA Power, a leading private water desalination company and renewable energy developer, has signed a 25-year Power Purchase Agreement (PPA) with the Egyptian Electricity Transmission Company (EETC) for a 2 GW wind project in Egypt. The project, valued at approximately $2.3 billion, will become the largest wind farm in Egypt, surpassing the company's 1.1 GW Suez Wind Farm.

Expected to reach financial close in 2026, the project is a major step toward Egypt's goal of increasing its renewable energy share to 42% by 2030. Once operational, it will reduce carbon dioxide emissions by over 3.5 million tonnes annually, supporting the country's climate change mitigation efforts.

Mohammad Abunayyan, Founder and Chairman of ACWA Power, emphasized the company's commitment to Egypt's energy transition: "Our agreement with EETC reinforces the strong and enduring partnership between ACWA Power and the Egyptian government, driving sustainable development with vigor over the past decade. Additionally, it is a key step in expediting the country's highly inspiring and ambitious energy transition, with this project we confirm ACWA Power as the leading private investor in power in Africa."

With this agreement, ACWA Power's total investment in Egypt reaches $8.8 billion, covering 4.8 GW of renewable energy projects.

Since 2015, ACWA Power has been active in Egypt, operating a 120 MW solar PV project in Benban and a 200 MW solar PV facility in Kom Ombo.