The Egyptian Electricity Transmission Company (EETC) will sign an agreement to build a 1,100-megawatt wind farm with Saudi Arabia’s ACWA Power, Arab News reported.
EETC sources said the project is worth more than $1.2 billion and will be implemented in phases.
According to sources, EETC will pay 2.85 cents per kilowatt hour. The initiative will operate within a “build, own and operate” system for generating electricity from renewable sources.
ACWA Power will purchase land from the New and Renewable Energy Authority. However, the deal must be approved by the Egyptian Ministry of Finance.
The Egyptian government aims to increase the share of electricity generated by renewable energy projects from the current 20% to 42% by 2035.
ACWA Power has previously completed the construction of three solar power plants in the Egyptian Benban (Aswan province), and is involved in several other similar projects.