By Nick Hedley

Oman’s sovereign wealth fund is considering investing in the
1.1GW Suez Wind Energy project in Egypt, according to a memorandum of
understanding signed at the COP27 climate negotiations being held in the North
African country.

According to the terms of the agreement, the Oman Investment
Authority will consider owning up to 10% of the project, which is valued at
$1.5 billion in total and is scheduled for completion in 2026.

Hassan Allam Holdings, an Egyptian engineering, construction
and infrastructure company, has a 25% stake in the project, with Saudi Arabia’s
ACWA Power holding the remaining equity.

“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, the
key mission of COP27, is strong,” ACWA Power chairman Mohammad Abunayyan said
in a statement.

In May, ACWA Power signed a joint development agreement with
an Oman Investment Authority entity and Air Products to develop a
multibillion-dollar green hydrogen project in Oman.