Egypt has signed a groundbreaking 20-year agreement to buy wind-generated electricity from Saudi company ACWA Power at 2.4 US cents per kilowatt-hour. The deal, announced by a government official following cabinet approval, is a key part of Cairo’s strategy to boost renewable energy production. The wind plant will be built south of Hurghada on Egypt’s Red Sea coast. The project will be developed and operated under a build-operate-transfer model with ACWA Power, with the company fully funding and executing it. This initiative follows ACWA Power’s recent announcement of a $2.3 billion agreement to develop a wind energy project in Egypt. This development further strengthens the economic ties between Cairo and Riyadh.
Source: MEM
