Abu Dhabi Future Energy Company PJSC – Masdar, a leading clean energy company, along with Infinity Power, Africa’s largest renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused investment platform, have signed an agreement with Egypt’s New and Renewable Energy Authority to secure land to build a 10GW capacity onshore wind farm in Egypt
The landmark wind project is set to be one of the largest in the world, with a project value of more than US$10bn. It will produce 47,790GWh of clean energy per year and reduce around 9% of Egypt’s annual carbon emissions by displacing 23.8mn tonnes of carbon dioxide annually. The wind farm will also help Egypt meet its strategic objective of sourcing 42% of its energy from renewables by 2030.
The original agreement to develop the 10GW 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.
HE Dr Mohamed Shaker Al-Markabi, Minister of Electricity and Renewable Energy in Egypt, commented, “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.”
Nayer Fouad, CEO, Infinity Power, added, "This project is a milestone achievement for us at Infinity Power, which reflects the partnership between Masdar and Infinity Power as a leading investment platform in renewable energy. It not only positions us as a leading provider of renewable energy but also strengthens the growing relationship between the Emirates and Egypt. Apart from being a key source of renewable energy, the farm will also create employment opportunities for local communities."
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, CEO of Masdar; Nayer Fouad, CEO of Infinity Power; and Hassan and Amr Allam, chief executive officers of Hassan Allam Holding.