CAIRO, Jan. 10 (Xinhua) -- Egypt's New and Renewable Energy Authority signed on Wednesday a 1.5-bln-USD investment deal with a consortium led by Saudi-listed ACWA Power for the construction of a 1.1-gigawatt wind power project in Egypt.

The wind power project, located in the Gulf of Suez and Gabel El-Zeit areas, is one of the largest onshore wind energy projects in the world, according to a statement issued by the Egyptian cabinet.

The consortium, under the agreement, will complete site studies and secure financing for the project, said Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker on the sidelines of the signing ceremony.

The project, once completed, will contribute to reducing 2.4 million tons of carbon dioxide emissions per year, saving about 840,000 tons of fuel annually, and creating about 6,000 direct and indirect job opportunities, according to the statement. Enditem

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