Acwa Power awarded 1.1 GW wind power project in Egypt
Egypt: Saudi Arabia’s Acwa Power has been selected to develop 1.1 GW of wind power in Egypt, the developer revealed in its first quarterly results.
Image source: Hitachi Energy
Egypt: Saudi Arabia’s Acwa Power has been selected to develop 1.1 GW of wind power in Egypt, the developer revealed in its first quarterly results.
In the operational highlights, Acwa Power revealed that it had been awarded a “…power purchase agreement (PPA) for Egypt’s 1,100 MW wind IPP (independent power producer) by the Council of Ministers of the Egyptian government.”
According to sources close to the scheme, the contract was awarded following direct negotiations with the government rather than through competitive tendering.
Furthermore, in the operational highlights of its maiden quarterly results, Acwa Power revealed it had sold a 32 % equity stake in the oil-fired Shuqaiaq power and water plant, part of its net zero target.
Acwa Power revealed in the results that operating income, before impairment loss and other expenses, for the first nine months of 2021 was $440 M (SR 1.66 B) – flat when compared with the same period in 2020.
Other operating highlights included the:
- Financial close of the 1,500 MW Sudair PV IPP in July
- The commissioning of the 300 MW first phase of the 900 MW fifth phase of the Mohammed bin Rashid (MBR) solar park in Dubai
- Signing the asset acquisition and project financing agreements of the $12 B Jizan integrated gasification combined-cycle (IGCC) power plant in September.
Source: Energy & Utilities