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