Egypt’s New and Renewable Energy Authority (NREA) and a consortium led by ACWA Power have signed a usufruct agreement for a 1.1-gigawatt wind energy production project in the Gulf of Suez and Gabal El-Zeit regions, with $1.5 billion in investments, the Egyptian cabinet stated on January 10th.

Photo used for illustrative purpose only. Wind turbines, which generate renewable energy, are seen on the Zafarana Wind Farm at the desert road of Suez outside of Cairo, Egypt September 1, 2020. Amr Abdallah Dalsh, Reuters

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The alliance, which also includes Hassan Allam Utilities, will work on the completion of the project’s site studies and securing financing for it.

Upon completion of the project, it will contribute to reducing 2.4 million tons of carbon dioxide emissions annually, as well as saving about 840,000 tons of fuel annually and creating about 6,000 direct and indirect job opportunities, in addition to providing electricity to about 1 million housing units.

The project is set to be the largest of its kind in the Middle East and one of the world’s largest for wind energy production.