The project will produce 47,790 GWh of clean energy annually and reduce Egypt’s annual carbon emissions by approximately 9%
Building on an agreement signed at COP27, state-owned Masdar signed a land deal for a 10GW large-scale wind power project in Egypt ahead of the UAE hosting the UN climate summit. According to the Abu Dhabi-based renewable energy developer, it will be one of the largest wind farms in the world and the largest on the African continent.
Masdar, along with Infinity Power, Africa’s largest renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure-focused investment platform, have signed a landmark agreement with Egypt’s New and Renewable Energy Authority to ensure Land projects to build onshore wind farms in Egypt are worth more than $10 billion.
The signing ceremony in Cairo was attended by Egyptian Prime Minister Mustafa Madbouli, UAE Minister of Industry and Advanced Technology Dr. Sultan al-Jaber, and Egyptian Minister of Electricity and Renewable Energy Dr. Mohamed Shaker al-Malkabi.
The project 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 help Egypt achieve its strategic goal of sourcing 42 percent of its energy from renewable sources by 2030. The project 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 Transmission Company to develop the wind farm, witnessed by the UAE and Egyptian presidents during COP27 in Sharm El Sheikh, Egypt 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; and Hassan Allam utilities.
Dr Al Jaber, who is also chairman of Masdar and chairman-elect of COP28, said the agreement was a “signature of a strong partnership” between the UAE and Egypt, with great potential to create jobs, reduce emissions and power homes with clean electricity at a competitive economic cost.
“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 as we continue to work shoulder to shoulder with the global South to achieve decarbonize and ensure a just energy transition,” he said, highlighting initiatives to achieve the goals of the Paris Agreement.
Dr. Al Markabi noted that the project is in line with Egypt’s 2030 Energy Strategy and 2050 National Climate Strategy to address the challenges of climate change and achieve sustainable economic growth.
“Egypt has an ambitious plan to promote the development of the Egyptian power sector in various fields, the most important of which is to optimize the use of new and renewable energy sources and encourage investment in this field, which will help reduce the reliance on fossil fuels and continue to reduce carbon emissions.”
Mohamed Jameel Al Ramahi, CEO of Masdar, noted that the UAE’s flagship renewable energy company will work with partners to maximize its immediate impact on all business and economic sectors in Egypt.
“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.”
Infinity Power CEO Nayer Fouad called the project a “landmark achievement”.
“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.”
Amr Allam, CEO of Hassan Allam Holding, added that the wind energy plan will help meet Egypt’s growing energy needs. “We are confident that this collaboration will achieve its goals and pave the way for a greener and prosperous future for Egypt.”