When completed, the wind farm will produce 47,790 gigawatt hours of clean energy per year and help avoid the emission of 23.8 million tonnes of carbon dioxide, or about 9% of the current carbon dioxide emissions of the Egypt.
The project will contribute to Egypt’s renewable energy target of 42% of the energy mix by 2030.
The 10 GW wind power project will save Egypt around $5 billion a year in annual natural gas costs.
The project will be developed by a consortium led by Masdar with its partners, Infinity Power, a joint venture between Masdar, Egypt’s Infinity, Africa’s largest renewable energy company, and Hassan Allam Utilities, a utility investment platform. sustainable infrastructure.
On this occasion, Dr. Sultan Al-Jaber said: “We are pleased to conclude this agreement, which consolidates the partnership and close cooperation in the field of renewable energy between the United Arab Emirates and Egypt. 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 electrical energy clean at a competitive economic cost.
Dr Sultan highlighted the important role of these projects in supporting global efforts to limit the impacts of climate change, explaining that the UAE will focus, when hosting the COP28 Climate Conference, on making a quantum leap in climate action, joining efforts and joining forces. , building partnerships and urging the world to provide the necessary funding. For climate action by developing the performance of international financial institutions and the implementation by donor countries of their financial commitments, with a focus on achieving a logical, realistic, progressive and just transition in the energy sector sector, and focusing our efforts on reducing emissions, not on slowing growth and progress.
For his part, Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy, said that the Egyptian State has adopted an ambitious program to advance the Egyptian electricity sector in various fields, the main one being the maximizing the exploitation of new and renewable energy resources and encouraging investment in this area, which would help to reduce dependence on fossil fuels. While continuing to reduce carbon emissions, in line with Egypt’s energy strategy, to reach the share of renewable energy sources in the energy mix up to 42% by 2030, in addition to its integration to the National Climate Strategy 2050, so as to ensure that the challenges of climate change are met and that sustainable economic growth is achieved.
Last March, Masdar announced that Infinity Power, the joint venture between Masdar and Egyptian Infinity, had completed the acquisition of all the shares of Lekela Power, which is developing several renewable energy projects in Africa, an agreement which makes of Infinity Power, the world’s largest renewable energy company. on the African continent.
Masdar has also shown 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.
For his part, Mohammed Jamil Al-Ramahi, CEO of “Masdar” said: “This huge project, which will help improve livelihoods and livelihoods, is the culmination of hard work and strong partnership between the “Infinity Power” joint venture between “Masdar” and “Infinity of Egypt.” and Hassan Allam Utilities Company.
For his part, Nair Fouad, CEO of Infinity Power, said: “The wind farm project not only consolidates our leading position as one of the largest renewable energy companies in Egypt and the region, but also strengthens bilateral relations between Egypt and the United Arab Emirates. In addition to being a major source of renewable energy, it will provide The wind power plant also offers many job opportunities for local communities.
In this context, Amr Allam, CEO of Hassan Allam Holding Company, said: “The importance of this project stems from the fact that it meets the growing energy needs of Egypt, in addition to being in line with development objectives. longevity of Egypt. We are confident that this cooperation will achieve its objectives, paving the way to a more sustainable and prosperous future for Egypt.
Egypt is one of the largest countries in terms of population density in the Middle East and North Africa, and it benefits from abundant solar and wind energy resources. Masdar is very active in Egypt through a portfolio of projects that it started developing since 2015, and as a starting point targeting the African continent through an Infinity Power platform.
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