ACWA Power CEO Marco Arcelli announced the company is planning to invest $10 billion in Egypt’s green energy sector and capture a 50% share of the Egyptian renewable energy market by 2026.
ACWA will expand its solar and wind power footprint in its existing markets, such as Saudi Arabia and Egypt. The company is also exploring water desalination opportunities in water-stressed areas, including Morocco, Egypt, and North Africa.
ACWA currently has five projects with a total capacity of 1.42 GW in Egypt, and to date, the company has invested $2.5 billion in the country’s renewable sector.
The company is also constructing three renewable energy projects, expected to be completed by its 2026 timeline. The projects include:
- Kom Ombo Solar PV Plant – A 200 MW solar facility that will provide clean energy to 130,000 households and avoid 280,000 tonnes of carbon dioxide emissions annually. The project secured $123 million in financing earlier this year and is expected to be operational in early 2024.
- Suez Wind Farm – A 1.1 GW wind project that will provide energy to one million households and displace 2.4 million tonnes of carbon dioxide emissions annually. The project is expected to be operational by the end of 2026.
- Sohag Wind Project – A 10 GW wind project that will generate nearly 50,000 GWh of clean energy annually and provide electricity to approximately 11 million households while avoiding 25.5 million tonnes of carbon dioxide emissions each year.
According to Arcelli, ACWA is also planning to continue expanding in other markets, including China and Central Asia. The company recently signed Memorandums of Understanding with nine Chinese entities to lay the foundation for financing, investment, and construction of new renewable energy projects.
In Central Asia, ACWA has been actively expanding its solar and wind portfolio and is considering investing in integrated water and power (IWP) projects. IWPs focus on desalination while simultaneously producing clean power, and they have several benefits, including reducing reliance on fossil fuels, improving energy security, and providing better access to clean drinking water.
To help achieve these investment and development goals, ACWA formed a strategic partnership with the Sovereign Fund of Egypt (TSFE). Through this partnership, the entities:
- Collaborate on developing and implementing renewable energy projects in Egypt.
- Share experience and expertise in renewable energy technologies to support the development of local capacities and skills in the sector.
- Create employment opportunities and stimulate local economies in Egypt.
- Commit to environmental stability, promote clean energy solutions, and support Egypt’s vision of generating 42% of its electricity from renewables by 2035.
