The Saudi “Aqua Power” company operating in the field of desalination plants, power generation and green hydrogen around the world signed a memorandum of understanding with the sovereign Egypt Fund.
The memorandum was signed to discuss the opportunity to enter into a joint investment in a 1. 1 GB wind energy project in the Gulf of Suez in Egypt.
According to the Memorandum of Understanding, Aqua Power and the sovereign Egypt Fund will begin to consider the opportunities and capabilities available for the fund’s acquisition through the Egypt sub -Fund for facilities and infrastructure on a share of 10% of the wind energy project.
Among the investors currently in this project, “Hassan Allam Holding”, is an Egyptian company specialized in engineering, construction and infrastructure (it has a 25%stake) and “Aqua Power” Saudi Arabia.
This is in addition to the Omani Investment Authority; It is the sovereign wealth fund in the Sultanate of Oman, which recently signed a similar note with Aqua Power to acquire a share of 10% of the project itself.
It should be noted that it is the first time that the sovereign Egypt Fund has invested in the “Aqua Power” projects in Egypt or around the world.
Aqua Power had started implementing a number of projects in Egypt since 2015, by developing a Benban PV production project with a capacity of 120 megawatts, and Kom Ombo PV station with a capacity of 200 megawatts,
In addition to the 1.
1 -gigs of wind power production project in the Gulf of Suez, which will include the largest independent station contracted for wind energy within the partnership of the largest of its kind to this day between the public and private sectors to produce wind energy, in Africa.
In addition, Aqua Power has signed another memorandum of understanding to implement a 10 -giga wind power project with the Egyptian Electricity Transmission Company, which will be developed in independent stages.
By 2026, it is planned that the electricity production project from wind energy with a capacity of 1. 1 gigawatts in the Gulf of Suez region will contribute to supplying more than a million families with energy, and avoiding 2. 4 million tons of carbon dioxide emissions.
Source: Money.
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