Omani Investment Authority studies business opportunities in Egypt’s renewable energy

The Omani Investment Authority, the sovereign fund of the Sultanate of Oman, is studying new investment opportunities in Egypt during the coming period.

Sources told Daily News Egypt that Oman is currently studying more than one investment opportunity in the renewable energy sector.

They added that green hydrogen projects are among the projects that the Authority is currently studying, and plans to invest in this vital sector in Egypt, as the fund generally focuses on investing in alternative energy technology and logistics.

The Omani Investment Authority signed a contract with the Saudi company ACWA Power to study the possibility of investing up to 10% in the Suez wind farm project.

ACWA Power signed a memorandum of understanding on November 1 with the Egyptian New and Renewable Energy Development and Utilization Authority and the Egyptian Electricity Transmission Company to implement a project to produce electricity from wind energy in Egypt with a capacity of 10 gigawatts.

The investment cost of the project is $1.5bn, and it is considered the largest contracted wind station in the Middle East, which will reduce 2.4 million tonnes annually of carbon emissions.

The wind plant is expected to be operational in 2026, and it is intended to supply more than one million residential units with clean energy, and contribute to reducing carbon emissions by 2.4 million tonnes annually.