Egypt's sovereign fund eyes stake in Suez Wind Energy project too

ACWA Power’s (TADAWUL:2082) 1.1-GW Suez Wind Energy project in Egypt has drawn interest from another potential co-investor after previously luring Oman’s sovereign wealth fund.

At COP27, The Sovereign Fund of Egypt (TSFE) has entered into a memorandum of understanding (MoU) to explore the potential purchase of a stake of up to 10% in the USD-1.5-billion (EUR 1.44bn) project through its Infrastructure & Utilities Subfund, it was announced on Tuesday. A week ago, the Oman Investment Authority (OIA) unveiled a very similar pact in relation to the same project.

The particular wind park will be built in the Gulf of Suez, with grid connection planned for 2026. In addition to ACWA Power, local engineering, procurement and construction (EPC) firm Hassan Allam Holdings holds a 25% stake in the project.

In Egypt, the Saudi developer, investor and operator of power generation, water desalination and green hydrogen plants is also behind the 120-MW solar project in Benban and a 200-MW photovoltaic (PV) facility in Kom Ombo. Furthermore, it plans to develop a 10-GW wind power complex with Egyptian Electricity Transmission Company (EETC).

(USD 1 = EUR 0.961)

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