en.Wedoany.com Reported - The Multilateral Investment Guarantee Agency of the World Bank Group has agreed to provide a $193.3 million guarantee to Saudi Arabia's ACWA Power to cover investment risks in its Suez wind power project in Egypt. The Egyptian wind project has a total installed capacity of 1.1 GW, is located in the Ras Gharib region of Egypt, and has entered the construction phase.

Under the arrangement, the Multilateral Investment Guarantee Agency will provide 20-year political risk insurance, primarily covering risks such as contract breach, transfer restrictions, and non-convertibility. The Suez wind power project will be built in two phases, each with a capacity of 550 MW, and plans to install 138 Envision Energy wind turbines, each with a unit capacity of approximately 8 MW, expected to be connected to the grid by the end of 2027.

The total investment in the project is approximately $1.2 billion, and the electricity generated will be sold to the Egyptian Electricity Transmission Company under a 25-year build-own-operate power purchase agreement. ACWA Power is responsible for project development, construction, operation, and maintenance. With the guarantee support for the 1.1 GW wind project, the Egyptian wind project will continue to advance in terms of turbine supply, civil construction, electrical connection, and subsequent operation and maintenance.

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