Saudi energy company ACWA Power and Egyptian engineering firm Hassan Allam Holdings have signed a project agreement to develop a 1.1GW wind project. The wind project will be located in Egypt’s Gulf of Suez and Gabal el Zeit area and require a $1.5bn investment.

Both companies will work together in the project’s development phase to carry out site studies and secure financing for the facility. The project is expected to reach financial close by the third quarter of 2024 and become operational by the end of 2026. Once completed, it will be one of the largest onshore wind facilities in the world and the largest in the Middle East. The wind farm will have the capacity to generate enough clean energy to power 1.8 million households and displace 2.4 million tonnes of carbon emissions a year.