CAIRO – The development of one of the largest onshore wind projects in the world will take place in Egypt, as witnessed by the presidents of the United Arab Emirates (UAE) and Egypt, who signed the deal.
A Memorandum of Understanding was signed between Masdar, a leading provider of renewable energy in the United Arab Emirates, and Hassan Allam Utilities as part of their joint venture with Infinity, Egypt’s leading provider of renewable energy.
The new project will be Masdar’s largest one yet, according to the company, which has investments in a portfolio of renewable energy assets with a combined value of more than $20 billion and a total capacity of more than 15 GW.
According to Masdar CEO Mohamed Jameel al-Ramahi, “Masdar is happy to boost our commitment to Egypt’s renewable energy ambitions with this agreement to create our largest ever project.”
The deal was inked on Tuesday outside the ongoing COP27 climate summit in Sharm El-Sheikh, Egypt.
The COP28 meeting will be held in the UAE in 2023.
The wind farm will be a component of Egypt’s Green Corridor program, a grid devoted to renewable energy projects, when it is finished. The initiative’s goal is to have 42% of the nation’s energy mix come from renewable sources by 2035.
Egypt would save $5 billion annually on natural gas expenditures thanks to the wind project, according to the statement.
Egypt’s renewable energy authority stated in an annual report that the nation’s total installed power capacity was approximately 59.5 GW in 2019/2020.