Marco Arcelli (CEO): “This signing further exemplifies our commitment to drive sustainable development and power Egypt’s future with clean, reliable, and renewable energy“
by Robert Crowe
ACWA Power, a Saudi-listed company and the world’s largest private water desalination company, has taken a pioneering role in the green hydrogen sector and has emerged as a leader in energy transition. Today, they have signed a memorandum of understanding (MoU) with the New and Renewable Energy Authority (NREA) in Egypt to secure land for an impressive 10 GW wind project.
The signing ceremony for this agreement took place at the Council of Ministers’ headquarters in the new city of El Alamein. The MoU was signed by Dr. Mohamed El Khayat, Chairman of NREA, and Eng. Hassan Amin, Country Director – Egypt, ACWA Power. Distinguished guests present at the ceremony included H.E. Dr. Moustafa Madbouly, the Prime Minister of Egypt; H.E. Dr. Mohamed Shaker, the Egyptian Minister of Electricity; Mr. Mazyad bin Muhammad Al-Huwaishan, Consul General of Saudi Arabia in Alexandria; Eng. Sabah Mashaly, Chairman of EETC; and Marco Arcelli, CEO of ACWA Power. This significant MoU represents a crucial step in the development of a large-scale renewable energy project.
“Egypt has embraced an ambitious program to advance the electricity sector across various domains. This includes maximizing the utilization of new and renewable energy resources, promoting investments in these sectors to achieve energy independence from fossil fuels, reducing carbon emissions, and increasing renewable energy capacity in the energy mix up to 42% by 2035. These efforts align with Egypt’s Vision 2030 and the National Climate Strategy 2050, aiming to address climate change challenges and achieve sustainable economic growth. Moreover, this project strengthens the historical ties between the Egyptian state and the Kingdom of Saudi Arabia, reflecting the bonds of fruitful and constructive cooperation between the two nations. We anticipate that positive contributions from financing institutions and development partners, combined with Egypt’s comparative advantages such as land availability, will demonstrate the country’s capacity to produce renewable energy for domestic consumption and export,” said H.E. Dr. Mohamed Shaker Al-Marqabi, Minister of Electricity and Renewable Energy.
The MoU designates approximately 3,000 square kilometers of land west of Sohag, an urban center, for the wind project. Once operational, this wind project is projected to generate approximately 50 thousand gigawatt-hours of clean energy annually, providing electricity to approximately 11 million households and mitigating the impact of 25.5 million tonnes of carbon emissions each year.
“This signing further exemplifies our commitment to drive sustainable development and power Egypt’s future with clean, reliable, and renewable energy. We are resolute in harnessing the vast potential of wind power, creating job opportunities, reducing emissions, and securing a greener and brighter future for Egypt, all in alignment with ACWA Power’s vision for a sustainable planet,” said Marco Arcelli, Chief Executive Officer of ACWA Power.
The 10 GW wind power plant is expected to yield significant benefits for the Egyptian economy, saving up to US$6.5 billion annually in natural gas costs, and generating up to 120,000 job opportunities. During the construction phase, direct employment is estimated at 45,000 people, with an additional 75 thousand people indirectly involved. Furthermore, about 2,500 jobs will be created for the operation and maintenance phase after completion.
ACWA Power has been actively involved in Egypt since 2015, with three other facilities in various stages, including a 120 MW solar PV project in Benban, a 200 MW solar PV facility in Kom Ombo, and the 1.1 GW Suez Wind Energy project. Their continuous investment and projects demonstrate their commitment to contributing to Egypt’s energy landscape with sustainable and clean solutions.
(Associated Medias) – All rights are reserved