Egypt signs land access agreement for world’s largest wind farm project
The project, set to be one of the largest in the world, with a project value exceeding $10 billion, stated a statement by the Egyptian cabinet.
The coalition includes Egyptian-Emeriti Infinity Power, the largest African renewable energy developer, Egyptian infrastructure company Hassan Allam Utilities, and the UAE's flagship renewable energy company, Masdar.
The cabinet said the landmark wind project targets producing 48,000 GWh of clean energy per year and cuts around 9 percent of Egypt’s annual carbon emissions by displacing 23.8 million tons of carbon dioxide annually.
The project will also help Egypt meet its strategic objective of sourcing 42 percent of its energy from renewables by 2030, according to a statement by Hassan Allam.
It added that the 10 GW wind farm will save the country an estimated $5 billion in natural gas costs per year.
The agreement gives the consortium access to a 3025 km2 located in West Sohag and will allow the consortium to conduct the necessary development studies to progress the project.
Hassan Allam added that this will include resource measurement campaigns, geotechnical and topographic surveys, and environmental studies to ensure minimal environmental impact.
The project will create 23,000 direct and indirect employment opportunities.
Egyptian Prime Minister Mostafa Madbouly and Egyptian Minister of Electricity and Renewable Energy Mohamed Shaker attended the signing ceremony.
The initial project agreement to develop the 10 GW wind farm was signed between the consortium and the Egyptian Electricity Transmission Company and witnessed by the presidents of the UAE and Egypt on the sidelines of the UN climate change conference COP27 in late 2022.
The Egyptian government has signed dozens of renewable project agreements with regional and international corporations to maximize renewable energy capacity.
Under its National Climate Strategy 2050, Egypt aims to reduce carbon emissions using renewable energy sources and alternative energy forms.
Egypt targets increasing the participation of renewable energy sources to 42 percent by 2030.
Since June 2015, Egypt has been self-sufficient in electricity and currently has an electricity surplus of over 25 percent.
However, Egypt has been applying daily power cuts in mid-April since July 2023 to alleviate the mounting pressure on the country's gas network, strained by rising temperatures and the use of air conditioners.