Oman Investment Authority (OIA) is considering joining Saudi Arabia's ACWA Power as a co-investor in the 1.1 GW Suez Wind Energy project in Egypt.

The sultanate's sovereign wealth fund may take a stake of up to 10% in the project which is worth USD 1.5 billion (EUR 1.5bn), ACWA Power said on 8th November.

The Saudi company, which is the majority owner of the project, and OIA signed a MoU at COP 27 in Sharm El Sheikh to explore a potential investment. The large-scale project is co-owned by Egyptian engineering, construction and infrastructure company Hassan Allam Holdings which holds 25% of it.

"OIA is also majorly focused on investments in the renewable energy sector to build a long-term sustainable future, whether through its companies in the same field or partnerships with regional and international investors such as Hassan Allam Holding and ACWA Power," said OIA's acting deputy president for investment Mulham Basheer Al Jarf.

ACWA Power and OIA through its integrated energy group OQ are already partnering on a multi-billion-dollar green hydrogen-based ammonia project in Oman. When connected to the grid in year 2026, Suez Wind Energy is expected to offset 2.4 million tonnes of carbon dioxide emissions per year and produce electricity for over a million households.

Earlier in November, the Riyadh-based company signed a MoU to build a 10-GW wind power complex in Egypt in a push to expand further in the North African country.