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Monday, June 24, 2024

Masdar consortium completes $10 billion wind power deal in Egypt


Abu Dhabi Future Energy Company (Masdar) has announced that it has signed an agreement with the Egyptian Authority for New and Renewable Energy to acquire land for the construction of a 10GW onshore wind farm in the country.

Masdar, one of the world’s leading clean energy companies, said the project is being developed with its partner Infinity Power, a joint venture between Masdar and Egypt’s Infinity, and Africa’s largest pure-play renewable energy company; and Hassan Allam Utilities, an investment platform focused on sustainable infrastructure.

The landmark facility will be one of the largest in the world with a project value in excess of $10 billion.

The signing ceremony in Cairo was witnessed by Egyptian Prime Minister Moustafa Madbouly, UAE Minister of Industry and Advanced Technology Dr. Sultan Al Jaber, Minister of Electricity and Renewable Energy Dr. Mohamed Shaker El Markabi, Masdar CEO Mohamed Jameel Al Ramahi, Infinity Power CEO Nayer Fouad, CEO of Hassan Allam Holding, Hassan and Amr Allam.

It will produce 47,790 GWh of clean energy per year and reduce Egypt’s annual carbon emissions by approximately 9% by displacing 23.8 million tons of carbon dioxide per year.

The wind farm will also help Egypt achieve its strategic goal of sourcing 42 percent of its energy from renewable sources by 2030. The 10 GW plant will save the North African country an estimated $5 billion a year in gas costs.

Masdar said the company signed the original agreement to develop the 10GW wind farm last year with Hassan Allam Utilities and Infinity Power and Egyptian Electricity Transmission during the United Nations climate change conference COP27 in Sharm El Sheikh, Egypt. The company was in front of the UAE and Egyptian presidents.

Masdar’s role as the UAE’s flagship renewable energy company reflects its deep and enduring commitment to supporting African countries such as Egypt in achieving their ambitious renewable energy goals.

Dr Al Jaber said: “This 10GW onshore wind project will be one of the largest wind farms in the world and one of the largest on the African continent. It is a sign of the strong partnership between the UAE and Egypt, with huge The potential to create jobs, reduce emissions and power homes with clean electricity at a competitive economic cost.”

“The world needs to triple its renewable energy capacity by 2030 to meet the goals of the Paris Agreement. Projects such as this will support global efforts to reduce the impact of climate change and help maintain the 1.5 ambition while achieving a significant Socioeconomic growth,” he said.

“The UAE looks forward to hosting COP28 as we continue to work shoulder to shoulder with the global South in our efforts to decarbonize and ensure a just energy transition,” he added.

Dr Al Markabi said: “Egypt has an ambitious plan to advance its power sector in various areas, the most important of which is to optimize the use of new and renewable energy sources and encourage investment in this sector, which will Help reduce dependence on fossil fuels and continue to reduce carbon emissions.”

“This is in line with Egypt’s energy strategy to source up to 42 percent of our energy mix from renewable sources by 2030, while complementing the 2050 National Climate Strategy to address the challenge of climate change and achieve sustainable economic growth,” the minister said.

In March this year, Infinity Power, a joint venture between Masdar and Egypt’s Infinity, acquired Lekela Power, a renewable energy developer with operations across the African continent, becoming Africa’s largest renewable energy operator.

The Abu Dhabi group also signaled its commitment to African countries by signing agreements in January to develop renewable energy projects with a combined capacity of up to 5 GW in Angola, Uganda and Zambia.

Al Ramahi said: “Masdar is proud to work with global partners to maximize our direct impact in Egypt across all business and economic sectors and to help address pressing global sustainability challenges and support global efforts to develop Sustainable solutions to take advantage of the latest available technology at the lowest competitive cost.”

“This massive project that will change lives and livelihoods is the culmination of hard work, dedication and a committed partnership between Masdar, our joint venture Infinity Power and Hassan Allam Utilities,” he noted.

For Infinity Power, the project is a milestone achievement that reflects the partnership between Masdar and Infinity Power as a leading investment platform for renewable energy, Fouad said.

“Not only does it position us as a leading supplier of renewable energy, but it also strengthens the growing relationship between the UAE and Egypt. In addition to being a major source of renewable energy, the farm will also create jobs for the local community,” he said pointed out.

Amr Allam noted that, in addition to helping meet Egypt’s growing energy needs, the project fits seamlessly with the country’s sustainable development goals.

“We are confident that this collaboration will achieve its goals and pave the way for a greener and more prosperous future for Egypt,” he added.trade arab news agency


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