Consortium comprising Egyptian tycoon Hassan Allam’s company invests $1.5 billion in Egyptian wind power plant

A consortium led by Saudi Arabia’s ACWA Power and Hassan Allam Holding, a privately held engineering, construction, and infrastructure firm founded by Egyptian businessman Hassan Allam, is set to invest $1.5 billion in an Egyptian wind power plant as part of an effort to broaden its renewable energy horizons.

When completed, the 1.1GW wind project, which ranks as one of the world’s largest onshore wind farms and the largest in the Middle East, will reduce the impact of 2.4 million tonnes of CO2 emissions per year and provide electricity to over 1 million households.

In line with the agreement, the ACWA Power-led consortium, which includes Hassan Allam Holding, will collaborate during the development phase to complete site studies and secure financing for the facility.

The project will be designed to use cutting-edge wind turbines with blade heights of up to 220 meters, allowing for the most efficient use of the designated land plots.

Dalia Wahba, deputy CEO and chief investment officer of Hassan Allam Utilities, commented on the project, stating that it marks an important milestone in Egypt’s plans to decarbonize the energy sector and meet the country’s Intended Nationally Determined Contributions targets (INDCs).

She went on to say that Hassan Allam Holding is dedicated to being a positive contributor to the environment and that it will continue to implement sustainability principles and invest in large-scale green energy projects.

Hassan Allam Utilities, Hassan Allam Holding’s investment, and development arm, presently operates a 50MW solar plant in Benban Solar Park, cementing its position as one of Egypt’s leading green energy producers.

Its decision to develop the wind project comes nearly two months after Masdar and Hassan Allam Utilities signed an agreement to develop hydrogen production plants in Egypt as part of the government’s INDCs aimed at decarbonizing the energy sector.