SHARM EL-SHEIKH, Egypt Nov 8 (Reuters) – The presidents of the United Arab Emirates (UAE) and Egypt witnessed the signing of an agreement on Tuesday to develop one of the world’s largest wind projects. in Egypt, according to an official statement. in the state news agencies of the Gulf countries.
A Memorandum of Understanding has been signed between the UAE’s renewable energy company Masdar and its partnership with Egypt’s largest renewable energy developer Infinity and Hassan Allam Utilities, the statement said in WAM news agency.
Masdar, which invests in a portfolio of renewable energy assets with a net asset value of more than $20 billion and a total capacity of more than 15 GW, said the new project will be its largest.
“With this agreement for the development of our largest project to date, Masdar is proud to strengthen our contribution to Egypt’s renewable energy goals,” said Masdar CEO Mohamed Jameel. al-Ramahi.
It was signed on Tuesday on the sidelines of the COP27 climate summit in Sharm El-Sheikh, a coastal city in Egypt.
The UAE is hosting the COP28 conference next year.
Once completed, the wind farm will be part of Egypt’s Green Corridor initiative, a sector dedicated to renewable energy projects that aims to ensure renewable energy accounts for 42% of the energy mix. in the country by 2035.
The wind project will save Egypt about 5 billion dollars in natural gas costs each year, the statement said. The total installed capacity in Egypt in 2019/2020 is about 59.5 GW, the country’s renewable energy authority said.
“The project will allow the country to store large amounts of natural gas; thereby achieving economic growth, reducing carbon emissions and providing more opportunities for sustainable energy sources,” said Mohamed Mansour, president Infinity Power, a collaboration between Masdar and Infinity. in the statement.
In April, Masdar and Hassan Allam Utilities signed two Memoranda of Understanding with Egyptian state-backed entities to collaborate on the development of a 4 GW green hydrogen plant in the Economic Zone Suez Canal and the Mediterranean coast.
In the first phase of this project, a green hydrogen production facility will be designed and operational by 2026, capable of producing 100,000 tons of e-methanol per year for bunkering in the Suez Canal, said the statement.
The electrolyzer equipment can be expanded to 4 GW by 2030 to produce 2.3 million tons of green ammonia for export as well as green hydrogen supply for local industry, he said.
Reporting by Maha El Dahan and Alaa Swilam Editing by David Goodman and Frank Jack Daniel
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