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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
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Egypt, ACWA Power Sign $1.5 Bln Wind Energy Agreement

During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)
During the signing of the $1.5 billion wind energy agreement between Egypt and Saudi ACWA Power. (The Egyptian premiership)

Egypt signed with a consortium led by ACWA Power an agreement for a 1.1-gigawatt wind energy production project in the Gulf of Suez and Gabal El-Zeit regions, with $1.5 billion in investments, the Egyptian cabinet stated Wednesday.

The agreement was signed between the Egyptian New and Renewable Energy Authority (NREA) and ACWA Power-led consortium that also includes Hassan Allam Utilities.

The signing ceremony was held in the presence of Egyptian Prime Minister Mostafa Madbouli, Minister of Electricity and Renewable Energy Mohamed Shaker, Minister Plenipotentiary Abdulrahman bin Salem Al Dahas, Deputy Ambassador of Saudi Arabia in Cairo, Group Co-CEO of Hassan Allam Holding Amr Allam, and CIO of ACWA Power Thomas Brostrom.

The agreement was signed by Mohammed Al-Khayyat, the chair of NREA, Mohammed Hamdouche, ACWA’s vice president for business development, Hassan Amin, the director of ACWA Power Egypt, and Dalia Wahba, CEO of Hassan Allam Utilities.

Following the signing, Shaker outlined the upcoming steps of securing project financing and conducting thorough site studies.

He added that the venture is the largest wind energy project in the region and ranks among the top onshore initiatives of its kind globally. Each year it is expected to cut carbon emissions by 2.4 million tons, save about 840,000 tons of fuel, and supply power to a million homes in Egypt.

For his part, Brostrom said the project will incorporate 220-meter-tall wind turbines featuring cutting-edge technology, the tallest in the Suez Gulf region – to maximize power generation while optimizing land usage.

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Saudi Energy Minister Inaugurates New Factories to Enhance Localization of Sector

Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
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Saudi Energy Minister Inaugurates New Factories to Enhance Localization of Sector

Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)
Saudi Energy Minister Prince Abdulaziz bin Salman during his tour to several factories specialized in producing components for the sector in the Riyadh Industrial City on Wednesday (Asharq Al-Awsat)

Saudi Energy Minister Prince Abdulaziz bin Salman inaugurated on Wednesday two new factories specialized in energy and toured several factories specialized in producing components for the sector in the Riyadh Industrial City.

He was accompanied by Minister of State Hamad Al-Sheikh and Industry and Mineral Resources Minister Bandar Alkhorayef.

The tour comes within the framework of the ongoing efforts to enhance localization in the energy sector, which aims to achieve a localization rate of 75% in the components of the sector by 2030.

The ministers and a number of senior officials were briefed on the progress of production of energy equipment and electrical panels for connection, control, automation and distribution, and factories for smart ring linking units for electrical stations.

The tour of Prince Abdulaziz bin Salman included the factories of Al-Gihaz Holding Company, such as the new factory specialized in energy equipment and electrical panels, with a production capacity of 25,000 units annually.

The minister was briefed on three of the main production lines located in one area, and watched a visual presentation of the rest of the lines and the high-quality production process of energy equipment and electrical panels for connection, control, automation and distribution.

The new factory is considered a cornerstone of the company's projects in the lines of engineering, design and automation of electricity network systems, in addition to manufacturing control panels and current and voltage conversion equipment.

A total of 500 engineers and employees, including 100 Saudi female employees are working in the factory.

It has plans to double the current production capacity in line with Saudi Vision 2030, and within the energy sector's targets to achieve a 75% localization rate in the components of the sector by 2030.

The Minister also visited Alfanar factories, where he was briefed on the production processes and advanced technologies used in them.

He also heard a detailed presentation on the company's work in the field of technology ownership and industry localization, and its effective role in increasing local content and strengthening the national economy.

During his visit to Alfanar, the Minister inaugurated the smart ring-connection units factory, free of sulfur hexafluoride (SF6), which is the first factory of its kind in the Middle East, where more than 700 Saudi female employees work. It represents a qualitative shift in the use of green technology and contributes to reducing the Kingdom's carbon footprint.

The research and development team at Alfanar gave a presentation on the stages of progress made in green technology for medium voltage, and the achievements that enhance the company's position as a pioneer in innovation and technological development.

Prince Abdulaziz was also briefed on the company's efforts in renewable energy projects (wind and solar), the sustainable aviation fuel facility, carbon capture and storage technologies and green hydrogen.

The company's advanced technological capabilities were also reviewed, which enable it to provide sustainable and advanced solutions for energy distribution.