Sharm el Sheikh - Oman Investment Authority (OIA) signed a memorandum of understanding with the Saudi ACWA Power Company to study the possibility of investing up to 10 percent in the development, construction, and operation of the Suez Wind Power Project, with a production capacity of 1.1 gigawatts, at an estimated cost of $1.5 billion.
The agreement affirms the Sultanate's commitment to reducing carbon emissions and limiting the negative effects of climate change based on cooperation and partnership with the Kingdom of Saudi Arabia and the Arab Republic of Egypt.
The agreement was signed on the sidelines of the 27th session of the Conference of the Parties to the Framework Convention on Climate Change, held in Sharm El-Sheikh, Egypt.
The project will be located in Suez Gulf and Gabal El Zeit province near Ras Gharib city and will be developed as a ‘Build, Own, Operate’ project. ACWA Power will take the lead in developing, financing, engineering, constructing, operating, and maintaining the plant delivering power to the unified national grid.
The energy will be generated Using 220 m tip height Wind Turbines with the latest technology, the plant is set to deliver highly efficient performance and be capable of powering 1,080,000 homes while offsetting nearly 2.4 million tons of emissions per year.
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