(MENAFN- Khaleej Times) Building on the agreement inked at COP27 and ahead of the UAE's hosting of the UN climate summit, state-owned Masdar has inked a land deal for the 10GW mega wind project in Egypt. It is set to be one of the largest wind farms in the world, and the largest on the African continent, according to the Abu Dhabi-headquartered renewables developer.
Masdar - along with Infinity Power, Africa's largest renewable energy developer, and Hassan Allam Utilities, a sustainable infrastructure focused investment platform - signed the landmark agreement with Egypt's New and Renewable Energy Authority to secure land to build an onshore wind farm in Egypt with a project value of more than $10 billion.
Egyptian Prime Minister Moustafa Madbouly, UAE Minister of Industry and Advanced Technology Dr Sultan Al Jaber, and Egypt's Minister for Electricity and Renewable Energy Dr Mohamed Shaker El Markabi were present during the signing ceremony held in Cairo.
The project will produce 47,790 GWh of clean energy per year and reduce around 9 per cent of Egypt's annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually. The wind farm will help Egypt meet its strategic objective of sourcing 42 per cent of its energy from renewables by 2030. The project will save the North African nation an estimated $5 billion in natural gas costs a year.
The original agreement to develop the 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 COP27 in Sharm El Sheikh, Egypt, last year.
The project is being developed by the consortium led by Masdar and its partners: Infinity Power, Masdar's joint venture with Egypt's Infinity; and Hassan Allam Utilities.
Dr Al Jaber, who is also the chairman of Masdar and COP28 president-designate, said the agreement is a“sign of the strong partnership” between the UAE and Egypt, with great potential to create jobs, cut emissions and power homes with clean electricity at competitive economical costs.
“Projects like these will support the global efforts to reduce the impact of climate change and help keep the ambition of 1.5 intact while enabling significant socio-economic growth. The UAE looks forward to hosting COP28, we continue to stand shoulder-to-shoulder with the Global South in their efforts to decarbonise and secure a just energy transition,” he said while stressing on initiatives to meet the goals of the Paris Agreement.
Dr Al Markabi noted the project is in line with Egypt's 2030 energy strategy and the National Climate Strategy 2050 to face the challenges of climate change and achieve sustainable economic growth.
“Egypt has an ambitious programme to advance the Egyptian electricity sector in various fields, foremost of which is optimising 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.”
Mohamed Jameel Al Ramahi, CEO of Masdar, noted that the UAE's flagship renewable energy company will work with partners to maximise its direct impact on Egypt in all fields of business and economy.
“This mega project, which will transform lives and livelihoods is the culmination of hard work, dedication, and steadfast partnership between Masdar, our joint venture – Infinity Power – and Hassan Allam Utilities.”
Nayer Fouad, CEO of Infinity Power, termed the project as a“milestone achievement”.
“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."
Amr Allam, CEO, Hassan Allam Holding, added that the wind energy programme will help meet Egypt's growing energy needs.“We are confident that this collaboration will deliver on its targets, paving the way towards a more eco-friendly and prosperous future for Egypt.”
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