ACWA Power, Oman Investment Authority Sign $1.5B MoU

Co-owned by ACWA Power through a 75% stake and Hassan Allam Holdings via a 25% stake, the renewable project – currently under construction until 2026 – will be the largest single contracted wind farm in the Middle East region, powering over one million consumer households and avoiding the emissions of 2.4 million tons of carbon per annum, according to a statement.

According to Al Jarf, the MoU is in line with OIA and Oman’s efforts to boost investments in hydrogen and renewable projects, in partnership with regional parties, to meet 2050 net-zero emissions target.

Mohammad Abunayyan, ACWA Power Chairman, added that “As we continue to build upon our renewables portfolio in Egypt, we value our continued partnership with OIA as well as Hassan Allam Holdings and believe their collaboration and contribution on this significant wind energy project will strongly enable the energy diversification goals of the nation.”

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Onur Yilmaz

Onur Yilmaz

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