Saudi-based company ACWA Power is in discussions with the Egyptian Ministry of Electricity for the implementation stages of a wind power plant project in West Sohag, southern Egypt. The project aims to produce 10 gigawatts with a total investment of about $10 billion, and the first phase may constitute 25 percent of the targeted capacity, costing around $2.5 billion. ACWA Power, with approximately $2 billion investments in Egypt in solar and wind energy, plans new investments in water desalination projects and green hydrogen. The company has signed an memorandum of understanding with the Suez Canal Economic Zone, the Sovereign Fund, and the Ministry of Electricity for a green ammonia project with an initial production capacity of 500,000 tons per year, expanding to 2 million tons annually with an investment cost of $4 billion.
ACWA Power's substantial investments in renewable energy projects in Egypt, including wind, solar, and green hydrogen, showcase the company's commitment to sustainable initiatives. The expansion into green ammonia production aligns with Egypt's renewable energy goals and is expected to contribute significantly to job creation and carbon emissions reduction. The project's potential to save Egypt billions in natural gas costs and create job opportunities underscores its economic and environmental impact.