Mubasher:Masdar (Abu Dhabi Future Energy Company), Infinity Power, and Hassan Allam Utilities inked an agreement with Egypt's New and Renewable Energy Authority (NREA) to build Africa's biggest wind farm.
The entities will join forces to establish a 10-gigawatt (GW) capacity onshore wind farm in the Arab Republic at a value exceeding $10 billion, according to a press release.
The wind project will produce 47,790 gigawatt hours (GWh) of clean energy on a yearly basis and lower about 9% of Egypt's annual carbon emissions by displacing 23.80 million tonnes of carbon dioxide every year.
Furthermore, the joint venture (JV) will enable Egypt to meet its strategic objective of sourcing 42% of its energy from renewables by 2030.
The 10 GW plant will save the North African nation an estimated $5 billion in natural gas costs a year.
Sultan Al Jaber, UAE's Minister of Industry and Advanced Technology as well as the Chairman of Masdar,said: "This 10GW onshore wind project is set to be one of the largest wind farms in the world and largest on the African continent."
"The world needs to triple renewable energy capacity by 2030 to meet the goals of the Paris Agreement. Projects like these will support the global efforts to reduce the impact of climate change and help keep the ambition of 1.5 intact while enabling significant socio-economic growth," Al Jaber highlighted.
Mohamed Shaker El-Markabi, Egypt's Minister of Electricity and Renewable Energy, commented: "Renewable energy in Egypt has the potential to attract direct foreign investments and the national Egyptian entities play a vital role in creating an environment that is supportive of investment with low risks, and high interaction with the financing institutions and development partners."
El-Markabi added:"Egypt's geographical location enables it to export green energy to Europe, especially as the country looks to further enhance and raise the efficiency of its national grid."
Nayer Fouad, CEO of Infinity Power, stated: "Apart from being a key source of renewable energy, the farm will also create employment opportunities for local communities."
Amr Allam, CEO of Hassan Allam Holding, noted: "In addition to helping meet Egypt's growing energy needs, the project aligns seamlessly with the nation's sustainable development goals."
"We are confident that this collaboration will deliver on its targets, paving the way towards a more eco-friendly and prosperous future for Egypt,"Allam continued.