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ACWA Power Co. Announces Signing of a Contract with Egyptian Electricity Transmission Company (“EETC”)

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Introduction ACWA Power Company announces the signing of a power purchase agreement for one of the largest on-shore wind farms in the world and the largest in the Middle East, which will be located in the Gulf of Suez and Gabal al-Zayt regions, with a production capacity of 1,100 MW.

The PPA has been signed between Suez Wind Energy Project Company (Project company owned by ACWA Power) and the Egyptian Electricity Transmission Company (EETC).

Date of Announcement of the Award 2022-06-21 Corresponding to 1443-11-22
Contract Subject Matter Power Purchase Agreement
Date of Signing the Contract 2022-06-21 Corresponding to 1443-11-22
Contract Value 1.5 Billion USD
Contract Details Development, financing, build, own and operation of 1,100 MW Wind Farm.
Contract Duration 25 years
Financial Impact and the Relevant Period The financial impact of the contracted revenues is expected to materialize when the first phase achieved Commercial Operation Date (COD) by Q4 2025.
Related Parties NA
Additional Information The project will be designed to use the latest state-of-art wind turbines with tip height of up to 220m which is the highest in Gulf of Suez which helps in achieving the best use of the designated land plots in the most efficient way.

The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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