CAIRO - 2 November 2022: Egypt and Saudi Arabia signed on Tuesday a memorandum of understanding (MoU) for the implementation of a 10 gigawatt wind electric power project in Egypt.
The MoU was signed between Egypt’s New and Renewable Energy Authority (NREA), the Egyptian Electricity Transmission Company, and the Saudi ACWA Power Company.
It stipulates the desire of the three parties to implement a project to produce electricity from wind energy with a capacity of 10 gigawatts in Egypt, provided that the necessary lands are available to conduct the necessary measurements and technical studies for the project; in preparation for the discussion of the final project contracts.
This came after a meeting held between the Saudi Energy Minister Prince Abdulaziz bin Salman bin Abdulaziz and the Egyptian Minister of Electricity and Renewable Energy Muhammad Shaker, in Riyadh, according to the Saudi Press Agency (SPA).
The two ministers discussed during the meeting the progress of the electrical interconnection between the two countries, and the aspects of cooperation in the fields of renewable energy and hydrogen, and working on preparing a memorandum of understanding between the two countries in the fields of electricity, renewable energy and clean hydrogen, and strengthening cooperation with specialized companies in the two countries.
The Egyptian Cabinet announced late October the intention of the Saudi company "ACWA Power" to implement a huge project to generate electricity from wind energy in Egypt.
In June, Saudi Company ACWA Power signed a contract with Egypt’s Ministry of Electricity to invest $1.5 billion in the construction of the largest wind power plant
in the Middle East.
This came as a part of the signing of 14 joint investment agreements between Egypt and Saudi Arabia, worth $7.7 billion, in the fields of energy, petroleum, food industries, information technology and cybersecurity.