MoU signed for 10GW wind project in Egypt by Masdar at COP27
Masdar, Infinity Power, and Hassan Allam Utilities, which is the investment and development arm of Hassan Allam Holding, will construct a 10GW wind project in Egypt.
Infinity Power is a joint venture between Masdar, a UAE-government owned renewable energy company, and Infinity, which is an Egyptian renewable energy developer.
A memorandum of understanding (MoU) was signed by the officials of Egypt and the UAE on the sidelines of the 2022 United Nations Climate Change Conference (COP27) in Sharm El-Sheikh.
The 10GW wind project in Egypt will be part of the country’s Green Corridor initiative and will generate 47,790GWh of clean energy every year.
The onshore wind farm is expected to reduce 23.8 million tonnes of carbon emissions, which is approximately 9% of Egypt’s current emissions of CO2, and complement the country’s goal of ensuring renewable energy constitutes 42 % of its energy mix by 2035.
Mohamed Ismail Mansour — Infinity Power Chairman said: “The project will enable the country [Egypt] to save vast amounts of natural gas; thereby attaining economic growth, reduce carbon emissions and provide greater access to sustainable energy sources, enabling Egypt to move forward in its journey towards becoming a green economy.”
Egypt also anticipates to save an estimated US$5 billion in annual natural gas costs through the project, apart from creating as many as 100,000 direct and indirect jobs during the construction phase.
On completion, the 10GW wind project in Egypt is expected to provide approximately 3,200 jobs for operation and maintenance.
Dr. Sultan Ahmed Al Jaber — UAE Industry and Advanced Technology Minister, UAE Special Envoy for Climate, and Masdar Chairman, said: “The UAE and Masdar will continue to support Egypt’s net-zero goals, and we will endeavor to take forward the gains made here at COP27, as the UAE prepares to host COP28 next year.”
In April, Hassan Allam Utilities and Masdar inked a couple of MoUs with organizations backed by the Egyptian state to help develop 4GW green hydrogen manufacturing facilities in the Suez Canal Economic Zone and on the Mediterranean coast.
The UAE will hold COP28 summit from 06-17 November 2023 at Dubai Expo City.