UAE’s Masdar, Infinity Power, which is Africa’s largest renewable energy developer and Hassan Allam Utilities- a sustainable infrastructure focused investment platform, have collaborated with Egypt’s New and Renewable Energy Authority to build a 10 gigawatt (GW) capacity onshore wind farm in Egypt. It will be one of the largest in the world with an estimated project value of over US$ 10 billion.
The deal was signed in Cairo in the presence of Egyptian Prime Minister, Moustafa Madbouly, Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology,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 wind project will produce 47,790 GWh of clean energy per annum and is expected to produce around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. With this, Egypt will be moving towards meeting its strategic objective of sourcing 42 percent of its energy from renewables by 2030. The 10 GW plant is estimated to save the North African nation around US$ 5 billion in natural gas costs annually.
Last year, in Sharm El Sheikh, Egypt, 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 in alignment with the guidelines of the UN climate change conference, COP27.
Earlier in March, Masdar’s joint venture with Egypt’s Infinity ( Infinity Power) acquired Lekela Power and became the largest operator of renewables in Africa. Through Infinity Power platform, Masdar aims to target the Afrcian continent.
Masdar also has contracts in other African nations to develop renewable energy projects with a combined capacity of up to 5 GW in Angola, Uganda, and Zambia.
It may be noted that during COP27 last year, Masdar, Infinity Power and Hassan Allam Utilities had signed deals with Egyptian state-backed organisations for green hydrogen and derivatives’ production facilities.Masdar along-with its partners aims to build a capacity of 4 GW by 2030, and an output of up to 480,000 tonnes of green hydrogen per year.