ACWA Power and HAU Energy have secured financial closure for the 1.1GW Suez Wind Farm in Egypt, which is set to significantly advance the country's renewable energy goals.

Target Information

ACWA Power, recognized as the world’s largest private water desalination company, has partnered with HAU Energy, a subsidiary of Hassan Allam Utilities, to jointly develop the Suez Wind Farm in Egypt. This project, which has a total capacity of 1.1 GW, is the largest single-contracted wind farm in the Middle East. ACWA Power holds a 70% stake in the venture, while HAU Energy maintains a 30% interest. With an overall investment value of USD 1.2 billion, the wind farm is expected to significantly contribute to Egypt's renewable energy targets by increasing the share of renewable energy in its electricity generation to 42% by 2040.

Industry Overview in Egypt

Egypt's renewable energy sector has seen rapid growth in recent years as the government strives for energy diversification and sustainability. The Egyptian government has laid out ambitious strategies to modernize its energy infrastructure, focusing on wind and solar energy. The country enjoys abundant solar and wind resources, making it well-positioned to harness renewable energy, thereby reducing dependency on fossil fuels and enhancing energy security.

According to recent industry reports, the renewable energy capacity in Egypt is expected to increase significantly, driven by both domestic and foreign investments. The government has launched various