Egypt secures $10 billion investment deal with top Gulf company.
Abu Dhabi Future Energy Company Masdar, the world’s leading renewable energy company, has signed an agreement to develop a wind power project in Egypt.
Abu Dhabi Future Energy Company Masdar, the world’s leading renewable energy company, and its consortium of partners, which includes Infinity Power, Africa’s largest renewable energy company, and Hassan Allam Utilities, which specializes in on Investment in Sustainable Infrastructure, announced the signing of an agreement with the New Energy and Renewable Energy Authority of Egypt to provide a piece of land dedicated to the development of a wind farm project with a production capacity of 10 gigawatts at an investment cost. worth over $10 billion, which, once completed, will be one of the largest wind farms in the world.
Once completed, the wind farm will generate 47,790 gigawatt-hours of clean energy annually and contribute to the avoidance of 23.8 million tonnes of carbon dioxide, equivalent to about 9% of Egypt’s current carbon emissions.
The project will help achieve Egypt’s target of 42% renewable energy in its energy mix by 2030.
The 10 GW wind power project will save Egypt about $5 billion annually in annual natural gas costs.
UAE President Sheikh Mohamed bin Zayed Al Nahyan and Egyptian Abdel Fattah El Sisi witnessed the signing ceremony of the basic plant development agreement on the sidelines of the COP27 Climate Conference in Sharm El Sheikh last year. , where the agreement was signed by Masdar and a consortium of its partners Hassan Allam Utilities and Hassan Allam Utilities.Infinity Power, as well as the Egyptian Electricity Transmission Company.
As a leading national and global clean energy company, Masdar continues to play a leading role in supporting and developing many clean energy projects locally, regionally and globally, and is strongly committed to helping support African countries to achieve their ambitious goals. renewable energy targets.
The project will be developed by a consortium led by Masdar with its partners and Infinity Power, a joint venture between Masdar, Egypt’s Infinity, Africa’s largest renewable energy company, and Hassan Allam Utilities, a sustainable infrastructure investment platform.
In March, Masdar announced that Infinity Power, a joint venture between Masdar and Egypt Infinity, has completed the acquisition of all shares in 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.
Source: Emirates Media.