– Saudi ACWA Power will secure $1.5 billion for a wind energy project in Suez, Egypt by November, with final contracts expected by the end of 2024.

– The project, located in the Gulf of Suez region, will have a total capacity of 1,100 megawatts, feature 138 turbines, and reduce carbon dioxide emissions by 1.1 million tons annually.

– Covering 146 square kilometers, the development will be implemented in two phases, with construction starting before the end of 2024 and full operational status anticipated by late 2027.

The Saudi company ACWA Power will finish raising $1.5 billion for a wind energy project in Suez in Egypt next November, according to an Egyptian government official who spoke to Asharq Bloomberg.

The company has completed all studies for the project, which has a total production capacity of about 1,100 megawatts and is being located in the Gulf of Suez region on the Red Sea coast, the source added.

 It is expected that the final contracts for the project will be signed before the end of 2024 in preparation for the start of implementation.

The total area of ​​the project is 146 square kilometers, and the New and Renewable Energy Authority allocated the land to ACWA Power under a usufruct system in exchange for 2% of the energy produced from the project annually.

The project will contribute to eliminating 1.1 million tons of carbon dioxide annually and will be implemented in two phases with a capacity of 550 megawatts for each phase, with a total of 138 turbines.

The capacity of each turbine will reach about 8 megawatts and a height of about 210 meters per turbine.

Construction work on the project will begin before the end of 2024, and the project will take about 30 months to launch, according to the official. It is expected that the project will be fully operational before the end of 2027.