June 7 (Renewables Now) - UAE-based renewables major Masdar and its partners have struck a deal with Egypt’s New and Renewable Energy Authority (NREA) to secure land for a 10-GW onshore wind complex they are planning to build in the North African country.
The project, which involves also Masdar's joint venture Infinity Power and Cairo-based partner Hassan Allam Utilities, is touted as one of the largest onshore wind developments in the world with an estimated value of more than USD 10 billion (EUR 9.36bn).
The signing of the land agreement was witnessed by Egypt's prime minister Moustafa Madbouly, UAE's industry minister and Masdar chairman Sultan Al Jaber and other government officials and company representatives.
When operational, the wind complex is expected to generate 47,790 GWh of clean energy per year and cut Egypt's carbon emissions by around 9%.
The mega project will support Egypt's goal of reaching 42% renewables by 2030 and help the country save an estimated USD 5 billion in natural gas costs annually.
The land agreement follows the signing of a memorandum of understanding (MoU) on the initiative between Masdar, its partners and the Egyptian Electricity Transmission Company during the COP 27 summit in Sharm El-Sheikh last November.
The ambitious project is not the only initiative of the three companies in Egypt. During COP 27, Masdar, Infinity Power and Hassan Allam Utilities sealed deals with Egyptian state-backed organisations to develop production facilities for green hydrogen and its derivatives, targeting a capacity of 4 GW by 2030, and an output of up to 480,000 tonnes per year.
Front Page
Power News
Today's News
E-mail
Print