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TSFE indicates the firm's confidence in ACWA Power's projects and their capabilities as an investor
2023-02-21
ACWA Power (TADAWUL:2082) has recently attracted interest from a potential co-investor in their 1.1-GW Suez Wind Energy project in Egypt, with the Sovereign Fund of Egypt (TSFE) signing a memorandum of understanding (MoU) to explore purchasing an upto 10% stake in the USD-1.5 billion scheme last Tuesday. This follows on from Oman Investment Authority's similar agreement with ACWA Power for the same project announced a week beforehand. The wind farm is due to be built on the Gulf of Suez and connected to the grid by 2026, and Hassan Allam Holdings owns 25% of it along with ACWA Power.
The Saudi energy firm are also responsible for a 120-MW solar project in Benban, and a 200-MW photovoltaic facility in Kom Ombo. Going forward, they are aiming to develop a 10-GW wind power complex with Egyptian Electricity Transmission Company (EETC). The latest interest from TSFE indicates the firm's confidence in ACWA Power's projects and their capabilities as an investor, developer and operator of power generation, water desalination and green hydrogen plants.
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ACWA Power (TADAWUL:2082) has recently attracted interest from a potential co-investor in their 1.1-GW Suez Wind Energy project in Egypt, with the Sovereign Fund of Egypt (TSFE) signing a memorandum of understanding (MoU) to explore purchasing an upto 10% stake in the USD-1.5 billion scheme last Tuesday. This follows on from Oman Investment Authority's similar agreement with ACWA Power for the same project announced a week beforehand. The wind farm is due to be built on the Gulf of Suez and connected to the grid by 2026, and Hassan Allam Holdings owns 25% of it along with ACWA Power.
The Saudi energy firm are also responsible for a 120-MW solar project in Benban, and a 200-MW photovoltaic facility in Kom Ombo. Going forward, they are aiming to develop a 10-GW wind power complex with Egyptian Electricity Transmission Company (EETC). The latest interest from TSFE indicates the firm's confidence in ACWA Power's projects and their capabilities as an investor, developer and operator of power generation, water desalination and green hydrogen plants.
Sources
http://www.pearltrees.com/platon88/item533942923
https://www.youdontneedwp.com/platon/my-new-post-32bd05a4-aa90-4d18-b8be-e7b611542f64
http://www.nfomedia.com/3180/Sunglasses.nfo