Thursday 20 June 2024
 
»
 
»
DEAL INKED FOR 3,025 sq km PLOT

Masdar consortium to set up $10bn wind farm project in Egypt

ABU DHABI, May 15, 2024

Abu Dhabi Future Energy Company (Masdar) has announced that its consortium with Infinity Power, the largest African renewable energy developer, and Egyptian group Hassan Allam Utilities has signed a land access agreement with the Egyptian government for setting up a 10GW onshore wind farm in the country.
 
The mega facility, which is set to become one of the largest in the world, is being set up at a total investment of over $10 billion.
 
The agreement gives the consortium access to a 3025 sq km area of land located in West Suhag, and will allow the consortium to conduct the necessary development studies to progress the project. 
 
This will include resource measurement campaigns, geotechnical and topographic surveys, in addition to the environmental studies to ensure minimal environmental impact.
 
These studies represent an important step forward in the project development, and the findings will be vital in progressing towards construction. 
 
Once under construction the wind farm will deliver significant benefits to local communities, including job creation with commitments to hire locally, community support initiatives, and the protection and support of the natural environment.
 
The landmark wind project will produce 47,790 GWh of clean energy per year and cut around 9 percent 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 wind farm will save the country an estimated $5 billion in natural gas costs per year.
 
The agreement was signed by Mohamed Ismail Mansour, Chairman, Infinity Power, Karim Hefzy, Chief Operating Officer at Hassan Allam Utilities and Dr Mohamed Asaad Taher, Senior Manager, Business Development and Investment at Masdar in the presence of Prime Minister of Egypt Moustafa Madbouly and Dr Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt.
 
Masdar’s CEO Mohamed Jameel Al Ramahi, said: "Masdar, its joint venture Infinity Power, and our partner Hassan Allam Utilities, is supporting Egypt to deliver its ambitious renewable energy targets. I congratulate Egypt’s leadership on this major milestone for the country, with what is set to be one of the largest wind farms on the planet."
 
"At 10GW, this landmark project is pushing the limits of innovation and scale as we work to help unlock Africa’s clean energy potential, and further advance its energy transition," he noted.
 
Amr Allam, Co-CEO of Hassan Allam Holding, said: "In a significant move towards a more sustainable future for Egypt, the signing of the Land Access Agreement for the 10GW wind farm project alongside our esteemed partners, Infinity Power and Masdar, marks a pivotal moment."
 
"This initiative underscores our commitment to clean energy and environmental responsibility, and we are proud to be part of this transformative project that will have a positive impact on our nation's energy landscape and beyond," he added. 
 
Mansour said Infinity Power was excited to be moving to the next step of the development of our 10GW wind farm in Egypt and cannot wait to see it progress. 
 
"Not only will this project deliver substantial benefits during construction and operation, creating jobs for local people and investing in their local communities, the impact of the energy uplift will be amazing to see. This source of clean, affordable energy will save Egypt money, reduce emissions and power industry across the country," he noted.
 
Nayer Fouad, the CEO of Infinity Power, said: "This wind farm is an ambitious and important project, set to be one of the largest in the world, and we’re delighted to be taking this step forward. It’s a hugely important project for Egypt and the wider region, and also highlights Infinity Power as a leading investment platform in renewable energy, able to deliver renewable projects on the largest scale."
 
"This project will also show that, by setting bold targets, countries can embrace and adopt renewable energy and transform their energy mix," he added.-TradeArabia News Service



Tags:

More Energy, Oil & Gas Stories

calendarCalendar of Events

Ads