It is expected that the final contracts for the project will be signed before the end of 2024 in preparation for the start of implementation.
The Saudi company ACWA Power will finish raising $1.5 billion for a wind energy project in Suez in Egypt next November, according to an Egyptian government official who spoke to Asharq Bloomberg.
The company has completed all studies for the project, which has a total production capacity of about 1,100 megawatts and is being located in the Gulf of Suez region on the Red Sea coast, the source added.
It is expected that the final contracts for the project will be signed before the end of 2024 in preparation for the start of implementation.
The total area of the project is 146 square kilometers, and the New and Renewable Energy Authority allocated the land to ACWA Power under a usufruct system in exchange for 2% of the energy produced from the project annually.
The project will contribute to eliminating 1.1 million tons of carbon dioxide annually and will be implemented in two phases with a capacity of 550 megawatts for each phase, with a total of 138 turbines.
The capacity of each turbine will reach about 8 megawatts and a height of about 210 meters per turbine.
Construction work on the project will begin before the end of 2024, and the project will take about 30 months to launch, according to the official. It is expected that the project will be fully operational before the end of 2027.
