Riyadh – Sharikat Mubasher: Saudi-based ACWA Power is set to secure $1.5 billion for a wind energy initiative in Egypt's Suez by November.

 The project, boasting a total capacity of around 1,100 megawatts, will be situated in the Gulf of Suez region along the Red Sea coast, as per an official from the Egyptian government speaking to Asharq Bloomberg.

 All necessary studies for the project have been finalized. The signing of the final contracts is anticipated by the close of 2024 to pave the way for project commencement.

 The project spans 146 square kilometers, with ACWA Power being granted land by the New and Renewable Energy Authority under a usufruct system, entailing a 2 percent share of the annual energy yield.

 Expected to offset 1.1 million tons of carbon dioxide yearly, the initiative will roll out in two 550-megawatt phases, incorporating a total of 138 turbines. Each turbine will wield an approximate 8-megawatt capacity and stand at a towering height of about 210 meters.

 Construction is slated to kick off before 2024 concludes, with an estimated 30-month timeline for the project's launch, culminating in full operational status expected before 2027, according to the official source.