Abu Dhabi Future Energy Company (Masdar), Infinity Power (a joint venture between Masdar and Infinity Egypt) and Hassan Allam Utilities (an investment platform focused on sustainable infrastructure) have partnered with Egyptian New Energy and Renewable The Energy Authority signed an agreement to secure land for the construction of a 10-gigawatt (GW) onshore wind farm in Egypt.
The wind farm will be one of the largest of its kind in Africa with a project value of over US$10 billion.
The key wind energy project will generate 47,790GWh 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 is estimated to save Egypt $5 billion a year in gas costs.
Masdar, Hassan Allam Utilities, Infinity Power and the Egyptian Electric Transmission company signed the original agreement to develop the 1GW wind farm, a process witnessed by the UAE and Egyptian presidents during the United Nations Climate Change Conference COP27 in Sharm Sham last year, Egypt’s Sheikh.
#masdarInfinity Power and Hassan Allam Utilities Sign Agreement with Egyptian New Energy Company #renewable energy Authorized to acquire land to build a 10GW capacity onshore wind farm in Egypt – one of the largest wind farms in the world, 🌍 project value over $10 billion. pic.twitter.com/Ab3QrebwWX
— Masdar (@Masdar) June 6, 2023
Masdar-led consortium leads wind farm development
The project is being developed by a consortium led by Masdar and its partners.
Dr. Sultan Al Jaber, Minister of Industry and Advanced Technology, UAE masdar and the COP28 Chair-Elect said: “This 10GW onshore wind project will be one of the largest wind farms in the world and the largest on the African continent. It is a sign of a strong partnership between the UAE and Egypt, with job creation Opportunity to reduce emissions, and huge potential to power homes with clean electricity at competitive economic costs.The world needs to triple renewable energy capacity by 2030 to meet the goals of the Paris Agreement.
“Projects like this will support global efforts to reduce the impact of climate change and help maintain the 1.5 ambition while achieving significant socio-economic growth. The UAE looks forward to hosting COP28 and we will continue to work shoulder to shoulder with the global South to achieve decarbonizing and ensuring a just energy transition.”
Dr. Mohamed Shaker Al-Markabi, Egypt’s Minister of Electricity and Renewable Energy, said: “Egypt has an ambitious plan to promote the development of the Egyptian power sector in various fields, the most important of which is the optimization of new and renewable energy sources. use and encourage investment in this area, which will help reduce dependence on fossil fuels and continue to reduce carbon emissions, in line with Egypt’s energy strategy, that is, by 2030, 42% of our energy mix will come from renewable sources, At the same time, it complements the national climate strategy to address climate change challenges in 2050 and achieve sustainable economic growth.”
He added: “Renewable energy in Egypt has the potential to attract foreign direct investment, and Egyptian state entities play a vital role in creating an environment that supports low-risk investments and a high degree of interaction with financial institutions and development partners.
“Furthermore, Egypt has a comparative advantage in available land, which is necessary to generate large amounts of electricity from renewable resources. In addition, Egypt’s geographical location enables it to export green energy to Europe, especially as the country looks to further strengthen and improving the efficiency of its national grid.”
Support the development of renewable energy
In March, Masdar became Africa’s largest renewable energy operator following the acquisition of Infinity Power, a joint venture with Egypt’s Infinity Test power, a renewable energy developer with operations across the African continent. Masdar also signaled its commitment to African countries by signing agreements in January to develop renewable energy projects with a combined capacity of up to 5GW in Angola, Uganda and Zambia.
Nayer Fouad, CEO of Infinity Power, said: “This project is a landmark achievement for us at Infinity Power and reflects the partnership between Masdar and Infinity Power as a leading investment platform for renewable energy. It not only Positioning us as a leading renewable energy provider and strengthening the growing relationship between the UAE and Egypt.
“In addition to being a major source of renewable energy, the farm will create jobs for the local community.”
Masdar has a substantial presence in Egypt with projects dating back to 2015, which was the starting point for targeting the African continent with the Infinity Power platform.
period COP27 Last year, Masdar, Infinity Power and Hassan Allam Utilities also signed an agreement with an Egyptian government-backed organization to develop a production facility for green hydrogen and its derivatives. The consortium aims to reach a capacity of 4 GW by 2030 and produce up to 480,000 tonnes of green hydrogen per year.