Saudi developer ACWA Power has signed a MoU with The Sovereign Fund of Egypt (TSFE) to explore a joint investment in the 1100MW Wind Energy project, located in the Gulf of Suez in Egypt.
Under the agreement, ACWA Power and TSFE will now engage in discussions for TSFE’s Infrastructure & Utilities Subfund to own up to 10% of the project.
Currently, project investors include Hassan Allam Holdings, an Egyptian engineering, construction and infrastructure company (25% stake) and ACWA Power.
The Oman Investment Authority, the Sultanate’s sovereign wealth fund, recently signed a similar agreement with ACWA Power, to have an equity stake of up to 10% of the same facility.
This is the first instance of The Sovereign Fund of Egypt (TSFE) investing in ACWA Power’s Egyptian or worldwide portfolio.
The company has had a presence in Egypt since 2015 and has developed the 120MW PV project in Benban, a 200MW PV facility in Kom Ombo, along with Suez Wind Energy, which will be the largest single contracted wind farm, and largest wind related public private partnership in Africa to date.
Furthermore, ACWA Power has also signed a memorandum of understanding to develop another 10GW wind project with Egyptian Electricity Transmission Company (EETC), which is likely to be developed in phases.