Sharm El-Sheikh, 8 November 2022 (TDI): An agreement has been signed between Masdar, one of the world’s fastest-growing renewable energy companies of the United Arab Emirates (UAE), and Infinity Power, the main renewable energy developer of Egypt.
The agreement was signed in presence of the President of the UAE, Zayed Al Nahyan, and the President Abdel Fattah El Sisi of Egypt. It is signed on the fringe of the United Nations Climate Change Conference, COP27.
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The agreement aims to develop a 10-gigawatt onshore wind project in Egypt, one of the largest wind farms in the world.
The Memorandum of Understanding (MOU) was signed by the UAE Minister of Industry and Advanced Technology and Chairman of Masdar, Sultan Ahmed, and Egypt’s Minister of Electricity and Renewable Energy, Mohamed Shaker.
During the event, Sultan Ahmed said “The scale of this mega 10 GW onshore wind project is a testament to the renewable energy ambitions of the United Arab Emirates and the Republic of Egypt.”
UAE will take forward the gains made at COP27 to prepare for the next year’s COP28, to be held in Abu Dhabi, he added.
The Masdar Chairman declared the project part of Egypt’s Green Corridor initiative while ensuring that it will help in making up to 42 percent of the energy mix by 2035.
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For his part, Chairman of Infinity Power, Ismail Mansour, said “The project will enable Egypt to save vast amounts of natural gas; reduce carbon emissions and provide greater access to sustainable energy sources.”
The CEO of Infinity Power, Nayer Fouad said “We look forward to expanding our portfolio of sustainable energy solutions that benefit not only Egypt but provide the entire continent with a green future.”
It is pertinent to mention here that in April, Masdar signed 2 MoUs with Egyptian state-backed organizations to cooperate on the development of 4 GW green hydrogen production plants in the Suez Canal Economic Zone.
