The Clap
Hassan Allam and ACWA Power are developing a USD 1.5 billion wind farm.
What
Located in Gabal El Zeit and Al Zaafarana, the wind farm is set to be the biggest in the Middle East, stated Mohamed Shaker, Minister of Electricity and Renewable Energy in the signing ceremony.
- Boasting a substantial capacity of 1.1 gigawatts, the project will supply electricity to 1 million housing units, according to a Wednesday cabinet press release.
So What
Upon completion, the project will decrease carbon dioxide emissions by 2.4 million tonnes — saving 840K tonnes of fuel annually, and creating 6K direct and indirect job opportunities — according to the cabinet press.
Some Context
The petroleum trade deficit widened from USD 106 million to USD 1.3 billion YoY in the first fiscal quarter of 2023/2024. ACWA Power’s project saving 840K tonnes of fuel annually would ease the petroleum trade deficit and help with the foreign currency shortage, according to Amr Hussein Elalfy, Chief Equity Strategist at Thndr Securities Brokerage.
