- Hassan Allam Utilities, Infinity Power, and Masdar, sign a Land Access Agreement for 10GW mega wind project with the Egyptian Government
- Signing witnessed by Egyptian Prime Minister HE Moustafa Madbouly
- The project, set to be one of the largest in the world, will cut carbon emissions by 23.8 million tonnes a year – equivalent to 9 percent of Egypt’s current carbon footprint
Cairo, Egypt, May 15, 2024: Infinity Power, the largest African renewable energy developer, along with Hassan Allam Utilities, a sustainable infrastructure focused development and investment platform, and the UAE's flagship renewable energy company, Masdar, one of the world’s leading clean energy companies, have today signed a Land Access Agreement with the Egyptian Government for the consortium’s 10GW capacity onshore wind farm in Egypt, set to be one of the largest in the world, with a project value exceeding US$10 billion.
The agreement gives the Consortium access to a 3025 km2 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 percent of its energy from renewables by 2030. The 10 GW wind farm will save the country an estimated US$5 billion in natural gas costs per year.
Witnessed by the Prime Minister of Egypt, HE Moustafa Madbouly and HE Dr. Mohamed Shaker, Minister of Electricity and Renewable Energy of Egypt, 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.
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.”
Amr Allam, Co-CEO of Hassan Allam Holding, commented: "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."
Mohamed Ismail Mansour, Chairman, Infinity Power said, "We are 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.”
Nayer Fouad, CEO, Infinity Power added: "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."
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.
ENDS
About Masdar:
Masdar (Abu Dhabi Future Energy Company) is one of the world’s fastest-growing renewable energy companies. As a global clean energy pioneer, Masdar is advancing the development and deployment of solar, wind, geothermal, battery storage and green hydrogen technologies to accelerate the energy transition and help the world meet its net-zero ambitions. Established in 2006, Masdar has developed and invested in projects in over 40 countries with a combined capacity of over 20 gigawatts (GW), providing affordable clean energy access to those who need it most and helping to power a more sustainable future.
Masdar is jointly owned by TAQA, ADNOC, and Mubadala, and is targeting a renewable energy portfolio capacity of 100GW by 2030 while aiming to be a leading producer of green hydrogen by the same year.
Contacts:
For media inquiries, please contact: press@masdar.ae
For more information please visit: https://www.masdar.ae and connect: facebook.com/masdar.ae and twitter.com/masdar
About Infinity Power:
Infinity Power the largest African pure play renewable energy provider. The joint venture between Egypt’s Infinity and Masdar (Abu Dhabi Future Energy Company) targets power generation projects in Africa through renewable energy sources, namely solar and wind, as well as other technologies such as green hydrogen and water desalination. The company also develops complementary technologies such as battery storage and transmission grids. In this way, Infinity Power can provide answers to the challenges of energy supply and power insecurity across the African continent. The company aims to have 10GW of operational renewable energy projects by 2030.
Infinity Power brings together the strong track records of both Infinity and Masdar (Abu Dhabi Future Energy Company) in developing and operating renewable energy assets. It has a substantial operational portfolio across Egypt, South Africa and Senegal, including 1.3GW of solar power and onshore wind farms, which equates to a reduction of more than 3 million tons of CO2 emissions per year using conventional power generation.
Infinity Power is committed to lighting up Africa and supporting the sustainable development of renewable energy across the continent, while creating opportunities for economic, educational and environmental benefits in local communities.
For more information about Infinity Power and its portfolio of renewable energy projects, please visit: www.weareinfinitypower.com
About Hassan Allam Utilities:
Hassan Allam Utilities is the investment and development arm of Hassan Allam Holding. The company targets opportunities that address the clean energy market and growing demand for infrastructure services in Egypt and the region. Established in 2017, Hassan Allam Utilities has focused its investment and development efforts on sustainable infrastructure, primarily in renewable energy, water, logistics, mobility, and social infrastructure assets.
For more information please visit: www.hassanallam.com and linkedin.com/company/ha-utilities/
Contacts:
For media inquiries, please contact: Hala Samy, phone:+20 1222181155 - E-Mail: Hala.Samy@hassanallam.com