Egypt signs $1.5 bln wind power accord

Egypt signed a $1.5 billion agreement with Saudi Arabia-led ACWA Power consortium 2082.SE for a wind energy project, according to the cabinet statement on Wednesday.

The 1.1 gigawatt wind energy project is situated in the Jabal El Zayt and Gulf of Suez regions, the statement said.

During the development phase of the project, site studies will be conducted, while strategising a financing plan for the project.

The project will contribute to reducing 2.4 million tonnes of carbon dioxide emissions annually while saving about 840 thousand tonnes of fuel. It is also aimed to provide about 6 thousand direct and indirect job opportunities, in addition to providing electricity to about one million households.