Abu Dhabi’s Masdar, Infinity Power, and Hassan Allam Utilities have partnered with Egypt’s New and Renewable Energy Authority to acquire land for a large-scale onshore wind farm project. The project, valued at over USD 10B, will have a capacity of 10 gigawatts (GW), making it one of the world’s largest wind farms, according to WAM.
The signing ceremony in Cairo had notable witnesses including Egyptian Prime Minister HE Moustafa Madbouly, UAE Minister of Industry and Advanced Technology HE Dr. Sultan Al Jaber, Minister for Electricity and Renewable Energy HE Dr Mohamed Shaker El-Markabi, as well as key executives such as Mohamed Jameel Al Ramahi, CEO of Masdar, Nayer Fouad, CEO of Infinity Power, and Hassan and Amr Allam, CEOs of Hassan Allam Holding.
Renewable Energy Targets
The significant wind project is expected to generate 47,790 gigawatt-hours (GWh) of clean energy annually. This substantial output will contribute to reducing Egypt’s carbon emissions by approximately 9% each year. By displacing 23.8 million tonnes of carbon dioxide, the project will have a significant environmental impact. The wind farm will help Egypt reach its 42% renewable energy target by 2030. Moreover, the 10 GW project is projected to save the country around USD 5B annually in natural gas costs.
Last year, Masdar, Hassan Allam Utilities, and Infinity Power took a significant step towards the realization of the 10 GW wind farm project. They signed the initial agreement during the UN climate change conference, COP27, held in Sharm El Sheikh, Egypt. The presidents of the UAE and Egypt witnessed the ceremony.
Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Chairman of Masdar and COP28 President-Designate, said: “This 10GW onshore wind project is set to be one of the largest wind farms in the world, and largest on the African continent. It 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. The world needs to triple renewable energy capacity by 2030 to meet the goals of the Paris Agreement. 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 decarbonize and secure a just energy transition.”
Egypt’s Potential and Masdar’s Presence
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.”
Masdar’s Commitment
Additionally, Masdar reaffirmed its dedication to African countries by securing agreements to develop renewable energy projects totalling up to 5 GW in Angola, Uganda, and Zambia in January.
Mohamed Jameel Al Ramahi, CEO, of Masdar, said: “Masdar is proud to be working with global partners to maximize our direct impact on Egypt in all fields of business and economy, and help addressing urgent global sustainability challenges and supporting the global efforts to develop sustainable solutions to produce energy using the latest available technologies with the lowest competitive cost. 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.”
Egypt, a country located in the MENA region, has gained recognition for its high population and plentiful renewable energy resources. These resources include wind and solar power. Since 2015, Masdar, a prominent renewable energy company, has been actively building its presence in Egypt.
