Arab Finance: The consortium led by Abu Dhabi's Masdar and comprised Hassan Allam Utilities and Infinity Power signed an agreement with the Egyptian New and Renewable Energy Authority (NREA) to secure a plot of land to build a 10-gigawatt wind farm in Egypt with over $10 billion in investments, according to an official statement on June 6th.
Once completed, the wind farm is set to be one of the largest in the world.
The project will allow Egypt to save annual natural gas costs estimated at $5 billion.
The wind farm, upon completion, will produce 47,790 gigawatt-hour (GWh) of clean energy annually, and it will contribute to reducing carbon dioxide emissions of 23.8 million tons, equivalent to approximately 9% of the current emissions in the country.
Moreover, the project will also help Egypt meet its strategic objective of bringing the renewable energy share to 42% of its energy mix by 2035.
Minister of Electricity and Renewable Energy Mohamed Shaker said that the government has adopted an ambitious program to boost the electricity sector in various fields, mainly to maximize the exploitation of new and renewable energy resources and encourage investment in this field, which would contribute to reducing dependence on fossil fuels.
Tags Egypt Wind Energy Cooperation UAE