Saudi's ACWA Power signs $1.5b energy deal with Egypt

RIYADH, Jan 11 (Arab News): The Egyptian government signed an agreement on Wednesday with a consortium led by Saudi utility company ACWA Power for wind energy production in the Gulf of Suez and Gulf of Zeit.
The project aims to generate 1.1 gigawatts of power and is worth $1.5 billion in terms of investments, the Saudi Press Agency reported.
Mohammed Shaker, the Egyptian minister of electricity and renewable energy, said the venture is the largest wind energy project in the region and ranks among the top onshore initiatives of its kind globally. Each year it is expected to cut carbon emissions by 2.4 million tons, save about 840,000 tons of fuel, and supply power to a million homes in Egypt.