The sovereign fund of the Sultanate of Oman that is, Oman Investment Authority (OIA) will be studying new opportunities to invest in Egypt over the coming time.
Daily News Egypt was informed by sources that Oman is currently looking at multiple investment opportunities in the renewable energy area.
They stated that green hydrogen projects are one of the projects which the Authority is currently studying and that they plan to invest in them as the fund focuses on alternative energy technology.
OIA and ACWA Power signed a contract to examine the possibility of investing as much as 10% in the Suez wind farm project.
ACWA Power, the Egyptian New and Renewable Energy Development Authority, and the Egyptian Electricity Transmission Company signed an agreement to understand and execute a project to generate electricity from wind energy in Egypt. The project will have a total capacity of 10 GW.
It is estimated that the project will cost $1.5 billion. The largest contract wind station in the Middle East is expected to reduce carbon emissions by 2.4 million tonnes per year.
The wind farm is expected to become operational in 2026. It is designed to provide clean energy to more than a million homes and reduce carbon emissions by 2.4 million tonnes each year.
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