Oman Investment Authority (OIA) has signed a Memorandum of Understanding (MoU) with Saudi Arabia’s ACWA Power to explore the feasibility of investment of up to 10 percent in the development, construction, and operation of the 1.1GW Suez Wind Energy project.

This investment is in line with the Sultanate of Oman’s commitment and pioneering role in reducing CO2 emissions and mitigating the adverse effects of climate change and in cooperation and partnership with the Kingdom of Saudi Arabia and the Arab Republic of Egypt. This project is valued at $1.5 billion.

The Suez Wind Farm project, which is expected to start operations in 2026, is located close to Ras Ghareb City in the Gulf of Suez region near Jabal Al Zait in Egypt.

According to the statement, “Power will be generated using turbines of up to 220 meters in addition to several latest advanced technologies.”

The plant is expected to operate at the highest level of efficiency and will generate enough power for approximately 1,080,000 residential units and reduce about 2.4 million tons of carbon emissions annually.

“Suez Wind Energy was already a remarkable project because of its ambition and scale. Bringing together investors from within the Arab world for this regional project proves that the will for implementation, which is the key mission of COP 27, is strong. The signing of this important MoU demonstrates the confidence of investors in ACWA Power’s expertise and capability to deliver giga-scale projects. As we continue to build upon our renewables portfolio in Egypt, we value our continued partnership with Oman Investment Authority and Hassan Allam Holding and believe their collaboration and contribution to this significant wind energy project will strongly enable the energy diversification goals of the nation.”

Mr. Mulham Basheer Al Jarf, Acting Deputy President for Investment at Oman Investment Authority, said that OIA signed the MoU in line with Oman’s efforts to enhance joint investments with Arab nations like the Kingdom of Saudi Arabia and the Arab Republic of Egypt in renewable energy projects, particularly wind power.

Mr. Al Jarf pointed out that OIA prioritizes the clean energy sector in its investment activities and its sustainability plan for the renewable energy sector. This is achievable through OIA’s companies operating in the energy field or through partnerships with regional and international investors such as Hassan Allam Holding and ACWA Power of the KSA.