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Abu Dhabi Future Energy Company PJSC – Masdar Together with Infinity Power and Hassan Allam Utilities, announced the signing of the agreement with the Egyptian Electricity Company New and Renewable Energy Administration Acquired land to build a 10 gigawatt (GW) capacity onshore wind farm in Egypt, which will be one of the largest onshore wind farms in the world.
The value of the project will exceed $10 billion.
The signing ceremony in Cairo was witnessed by Egyptian Prime Minister Mustafa Madbouli, UAE Minister of Industry and Advanced Technology Sultan al-Jaber, and Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker. Masdar CEO Mohamed Jameel al-Ramahi, Infinity Power CEO Nayer Fouad and Hassan Allam Holding Hassan and Amr Allam CEOs.
The landmark wind energy project will generate 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 10GW plant will save the North African country an estimated $5 billion a year in gas costs.
Masdar, Hassan Allam Utilities and Infinity Power signed the original agreement with the Egyptian Electricity Transmission Company to develop the 10GW wind farm, a process witnessed by the UAE and Egyptian presidents during the United Nations Climate Change Conference COP27 in Sharm el-Sheikh last year.
The project is being developed by a consortium led by Masdar and its partners: Infinity Power, a joint venture between Masdar and Egypt’s Infinity, Africa’s largest pure-play renewable energy company; and Hassan Allam Utilities, a sustainable-based Facilities-focused investment platform.
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