RIYADH: The Egyptian government signed an agreement on Wednesday with a consortium led by Saudi utility company ACWA Power for wind energy production in the Gulf of Suez and Gulf of Zeit.

The project aims to generate 1.1 gigawatts of power and is worth $1.5 billion in terms of investments, the Saudi Press Agency reported.

Mohammed Shaker, the Egyptian minister of electricity and renewable energy, said the venture is the largest wind energy project in the region and ranks among the top onshore initiatives of its kind globally. Each year it is expected to cut carbon emissions by 2.4 million tons, save about 840,000 tons of fuel, and supply power to a million homes in Egypt.

ACWA’s chief investment officer, Thomas Brostrom, said the project will incorporate 220-meter-tall wind turbines featuring cutting-edge technology.

The agreement was signed in Cairo by Mohammed Al-Khayyat, the chair of Egypt’s New and Renewable Energy Authority; Mohammed Hamdouche, ACWA’s vice president for business development; and Hassan Amin, the director of ACWA Power Egypt.