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Sharm El Sheikh, Egypt, Nov 8 (Reuters) – The presidents of the United Arab Emirates (UAE) and Egypt on Tuesday witnessed the signing of an agreement to develop the world’s largest landmass in Egypt, according to an official statement. One of the wind power projects. On the state news agency of the Gulf states.
Emirati renewable energy company Masdar has signed a memorandum of understanding with its joint venture with major Egyptian renewable energy developers Infinity and Hassan Allam Utilities, a statement by WAM news agency said.
Masdar has invested in a portfolio of renewable energy assets with a combined value of more than $20 billion and a combined capacity of more than 15 gigawatts, and he said the new project would be the largest to date.
Masdar CEO Mohamed Jameel al-Ramahi said: “With this agreement to develop our largest project ever, Masdar is proud to strengthen our contribution to Egypt’s renewable energy goals.”
Tuesday’s agreement was signed during the COP27 climate summit in the Egyptian coastal city of Sharm el-Sheikh.
The UAE will host the COP28 conference next year.
When completed, the wind farm will be part of Egypt’s Green Corridor initiative, a grid dedicated to renewable energy projects aimed at ensuring that renewables account for 42 percent of the country’s energy mix by 2035.
The wind energy project will save Egypt about $5 billion a year in gas costs, the statement said. Egypt’s total installed capacity in 2019/2020 was around 59.5 GW, the country’s Renewable Energy Authority said in its annual report.
“This project will enable the country to save significant natural gas; thereby enabling economic growth, reducing carbon emissions and providing more sustainable energy,” Mohamed Mansour, chairman of Infinity Power, the Masdar and Infinity joint venture, said in a statement.
In April, Masdar and Hassan Allam Utilities signed two memorandums of understanding with Egyptian state-backed organisations to collaborate on the development of 4 GW of green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
In the first phase of the project, a green hydrogen manufacturing facility will be developed and operated in 2026, capable of producing 100,000 tonnes of e-methanol per year for refuelling in the Suez Canal, the statement said.
It said the electrolyser facility could be expanded to 4 GW by 2030 to produce 2.3 million tonnes of green ammonia for export and to supply green hydrogen for local industry.
Reporting by Maha El Dahan and Alaa Swilam Editing by David Goodman and Frank Jack Daniel
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