Saudi Arabia stops privatization of SWCC, moves its assets to PIF-owned company

RIYADH: Saudi Arabia’s ACWA Power has invested $1.5 billion in a wind power plant in Egypt as the company expands its horizons in renewable energy.

The 25-year agreement was signed with the Egyptian Electricity Transmission Co, the PIF-owned utility said in a bourse filing.

The deal will see ACWA Power develop, build, and operate the 1,100-megawatt wind farm, located in the Gulf of Suez in Egypt.

ACWA Power expects the project to start commercial operations by the fourth quarter of 2025.

According to a statement from Egypt’s cabinet, the Saudi-listed company has also signed deals involving petroleum products, food and fintech. 

The statement added that ACWA Power has also signed another deal involved in the development of a multi-purpose terminal at Egypt’s Damietta port. 

Meanwhile, Saudi Arabia and Egypt have signed 14 investment deals worth $7.7 billion, Saudi Minister of Trade Majid Al-Qasabi announced. 

Al-Qasabi also added that the total investments of Saudi Arabia in Egypt is $30 billion, while 574 Egyptian companies are operating in the Kingdom with a capital of $1.3 billion.