The United Arab Emirates (UAE) and Egypt have entered into agreement on Tuesday, 8 November to develop one of the world’s largest onshore wind projects in Egypt during the United Nations’ COP27 climate summit in Sharm El-Sheikh.
Egyptian President Abdel Fattah Al-Sisi and UAE President Sheikh Mohamed bin Zayed Al-Nahyan witnessed the signing of the memorandum of understanding between UAE’s renewable energy firm Masdar and Egypt’s renewable energy developer Infinity and Hassan Allam Utilities to develop a 10-gigawatt (GW) onshore wind project.
According to UAE state news agency, WAM, the 10-gigawatt onshore wind project in Egypt will produce 47,790 GWh of clean energy annually once it is completed.
“With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt’s renewable energy goals, while strengthening our partnerships with Infinity Power and Hassan Allam Utilities, and building on our relationship with the Egyptian Government,” Mohamed Jameel Al Ramahi, Chief Executive Officer of Masdar explained.
The wind farm will save Egypt an estimated EGP 125 billion (USD 5 billion) in annual natural gas costs, and help create around 100,000 jobs, according to WAM.
“The project will enable the country to save vast amounts of natural gas; thereby attaining economic growth, reduce carbon emissions and provide greater access to sustainable energy sources, enabling Egypt to move forward in its journey towards becoming a green economy,” said Mohamed Mansour, Chairman of Infinity Power.
COP27, known professionally as UN Climate Change Conference 2022, is taking place in Egypt’s Sharm El-Sheikh and aims to showcase unity against the existential threat of climate change, gathering over 40 thousand individuals across government, business, and civil society groups. COP28 is to be held in the UAE in 2023.