UAE and Egypt agree to develop $10b Africa’s biggest wind farm
Sultan Al Jaber and Egyptians officials attend the signing ceremony of the agreement in Cairo.
The Abu Dhabi Future Energy Company, Masdar and its consortium of partners, which includes "Infinity Power", the largest renewable energy company in Africa, and Hassan Allam Utilities, which specializes in sustainable infrastructure investments, announced the signing of an agreement with the New and Renewable Energy Authority in Egypt to provide a plot of land for the development of a wind power plant project with a production capacity of 10 gigawatts at an investment cost of more than $10 billion.
The wind energy project is set to be one of the largest in the world.
The signing ceremony of the agreement, which was held in Cairo, was attended by Dr. Mostafa Madbouly, Egyptian Prime Minister, Dr. Sultan Bin Ahmed Al Jaber, Minister of Industry and Advanced Technology, Chairman of the Board of Directors of Masdar, Dr. Mohamed Al-Marqabi, Minister of Electricity and Renewable Energy of the Arab Republic of Egypt, and Mohamed Jamil Al Ramahi, CEO of Masdar, Nayer Fouad, CEO of Infinity Power, and Hassan and Amr Allam, CEOs of Hassan Allam Holding.
When completed, the wind power plant will produce 47,790 gigawatt-hours of clean energy annually, and will contribute to avoiding the emission of 23.8 million tonnes of carbon dioxide, equivalent to approximately 9% of Egypt's current carbon dioxide emissions.
The project will contribute to achieving Egypt's goal of renewable energy making up 42% of the energy mix by 2030.
The 10 GW wind power project will allow Egypt to save an estimated $5 billion annually in annual natural gas costs.
His Highness Sheikh Mohammed Bin Zayed Al Nahyan, President of the UAE, and Egyptian President Abdel Fattah Al-Sisi witnessed the signing ceremony of the basic agreement for the development of the station, on the sidelines of the COP27 Climate Conference in Sharm El-Sheikh last year, where the agreement was signed by Masdar and a coalition of its partners, Hassan Allam Utilities and Infinity Power, in addition to the Egyptian Electricity Transmission Company.
As a leading company in the field of clean energy at the state and global levels, Masdar continues its leading role in supporting the development of many clean energy projects locally, regionally and globally, as well as its firm commitment to contributing to supporting African countries to achieve their ambitious goals in the field of renewable energy.
The project will be developed by a consortium led by Masdar with its partners and Infinity Power, the joint venture between Masdar, the Egyptian Infinity, the largest renewable energy company in Africa, and Hassan Allam Utilities, an infrastructure investment platform. sustainable.
Dr Sultan Bin Ahmed Al Jaber said: “In line with the leadership’s directives to promote sustainable economic and social development and spread renewable energy solutions, we are pleased to conclude this agreement, which consolidates partnership and close cooperation in the field of renewable energy between the UAE and the sisterly Arab Republic of Egypt.”
He added that this strategic project is of great importance, as it is one of the largest projects in this field in the world and on the African continent, and will contribute to providing many job opportunities, reducing emissions and generating clean electric energy at a competitive economic cost.
Dr. Mohamed Al-Marqabi stated that Egypt has adopted an ambitious program to advance the Egyptian electricity sector in various fields, foremost of which is maximizing the exploitation of new and renewable energy resources and encouraging investment in this field, which would contribute to reducing dependence on fossil fuels, while continuing to reduce carbon emissions.
He added that this project is an extension of the historical relations between the Arab Republic of Egypt and the United Arab Emirates and reflects the bonds of fruitful and constructive cooperation between the two brotherly countries.
Last March, Masdar announced that Infinity Power, the joint venture between Masdar and Egyptian Infinity, had completed the acquisition of all shares of Lekela Power, which is developing several renewable energy projects in Africa, a deal that makes Infinity Power the largest renewable energy company on the African continent.
Masdar also demonstrated its commitment to supporting the clean energy sector on the continent by signing agreements last January to develop renewable energy projects with a total capacity of 5 gigawatts in Angola, Uganda and Zambia.
Mohammed Jamil Al-Ramahi said, “Masdar is proud to cooperate with strategic partners around the world, to achieve the greatest positive impact that is directly reflected on brotherly Egypt in all commercial and economic fields, contributes to facing the urgent challenges of climate change, and supports global efforts to develop sustainable solutions for energy production. Using the latest technology available and the lowest competitive costs.
He added that this huge project, which will contribute to improving the means of life and livelihood, is the culmination of the hard work and solid partnership between the “Infinity Power” company, which is a joint venture between Masdar, Infinity of Egypt and Hassan Allam Utilities.
Egypt is one of the largest countries in terms of population density in the Middle East and North Africa and enjoys abundant resources of solar and wind energy.
Masdar is very active in Egypt through a portfolio of projects that it has begun to develop since 2015, and as a launch pad targeting the African continent through the Infinity platform.
