Abu Dhabi-headquartered Masdar has signed an agreement with Egypt’s New and Renewable Energy Authority to secure land for developing a 10GW capacity onshore wind farm in the country.
This groundbreaking project is being developed as a consortium by Masdar, along with its partners: Infinity Power, a joint venture between Masdar and Egypt’s Infinity and Africa’s largest pure play renewable power company, and Hassan Allam Utilities, an investment platform focused on sustainable infrastructure.
With a projected value exceeding $10 billion, this facility is set to become one of the largest of its kind worldwide.
The project will produce 47,790 GWh of clean energy per year and cut around 9% of Egypt’s annual carbon emissions by displacing 23.8 million tonnes of carbon dioxide annually.
The wind farm will also help Egypt meet its strategic objective of sourcing 42% of its energy from renewables by 2030. The 10 GW plant will save the North African nation an estimated US$ 5 billion in natural gas costs a year.
Consortium seals $10bn deal
The project is being developed as a consortium by Masdar, along with its partners Infinity Power and Hassan Allam Utilities Masdar said the original agreement to develop the 10GW wind farm was signed by the company on the sidelines of the UN climate change conference, COP27, in Sharm El Sheikh, Egypt last year, along with Hassan Allam Utilities and Infinity Power and the Egyptian Electricity Transmission company in the presence of presidents of the UAE and Egypt.
As the UAE’s flagship renewable energy company, Masdar’s role demonstrates its deep and lasting commitment towards supporting African nations such as Egypt to meet their ambitious renewable energy objectives.
In March, Masdar became the largest operator of renewables in Africa after its joint venture with Egypt’s Infinity, Infinity Power acquired Lekela Power, a renewables developer with operations across the continent.
The Abu Dhabi group also showed its commitment to African nations by signing deals to develop renewable energy projects with a combined capacity of up to 5 GW in Angola, Uganda, and Zambia, in January.