Masdar, UAE's flagship renewable energy company, along with Infinity Power and Hassan Allam Utilities signs land agreement for 10GW mega wind project.
Article continues below
Abu Dhabi Future Energy Company PJSC – Masdar, along with Infinity Power and Hassan Allam Utilities signed an agreement with Egypt's New and Renewable Energy Authority to secure land to build a 10-gigawatt (GW) capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value of over US$ 10 billion.
The signing in Cairo was witnessed by Egyptian Prime Minister, HE Moustafa Madbouly, HE Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, HE Dr Mohamed Shaker El-Markabi, Minister for Electricity and Renewable Energy, Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar, Nayer Fouad, Chief Executive Officer of Infinity Power, and Hassan and Amr Allam, Chief Executive Officers of Hassan Allam Holding.
The landmark wind project will produce 47,790 GWh of clean energy per year and reduce around 9 percent of Egypt's annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually.
The wind farm will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW plant will save the North African nation an estimated US$ 5 billion in natural gas costs a year.
The original agreement to develop the 10 GW wind farm was signed between Masdar, Hassan Allam Utilities and Infinity Power and the Egyptian Electricity Transmission company and witnessed by the presidents of the UAE and Egypt on the sidelines of the UN climate change conference, COP27, in Sharm El Sheikh, Egypt last year.
HE Dr Mohamed Shaker Al-Markabi, Minister of Electricity and Renewable Energy in Egypt, said: "Egypt has an ambitious program to advance the Egyptian electricity sector in various fields, foremost of which is optimizing the use of new and renewable energy resources and encouraging investment in this field, which would contribute to reducing dependence on fossil fuels and continue to reduce carbon emissions, in line with Egypt's energy strategy to have up to 42 percent of our energy mix from renewable energy sources by 2030, while complementing the National Climate Strategy 2050 to face the challenges of climate change and achieve sustainable economic growth."
He added: "This project represents a continuation of the historical and brotherly relations between the Arab Republic of Egypt and the UAE and reflects the fruitful and constructive cooperation between the two brotherly countries.
"Renewable energy in Egypt has the potential to attract direct foreign investments, and the national Egyptian entities play a vital role in creating an environment that is supportive of investment with low risks, and high interaction with the financing institutions and development partners.
"In addition, Egypt has comparative advantages in terms of the land available which is necessary to produce a huge volume of electricity from renewable resources. Furthermore, Egypt's geographical location enables it to export green energy to Europe, especially as the country looks to further enhance and raise the efficiency of its national grid."
In March, Masdar became the largest operator of renewables in Africa after its joint venture with Egypt's Infinity - Infinity Power - acquired Lekela Power, a renewables developer with operations across the continent.
Masdar also demonstrated its commitment to African nations by signing deals to develop renewable energy projects with a combined capacity of up to 5 GW in Angola, Uganda, and Zambia, in January.
During COP27 last year, Masdar, Infinity Power and Hassan Allam Utilities also signed agreements with Egyptian state-backed organizations to develop green hydrogen and derivatives' production facilities.
The consortium is targeting a capacity of 4 GW by 2030, and an output of up to 480,000 tonnes of green hydrogen per year. ■
Eni announced a significant gas discovery from the Geng North-1 exploration well drilled in North Ganal PSC, about 85 km off the cost of East Kalimantan in Indonesia.