- Landmark projects include 1.2GW of solar and 720MWh of battery storage capacity
- Accelerated timeline expected to see projects operational by 2025 in support of Egypt’s electricity demand and energy security
Cairo, Egypt: November 20, 2024 – Abu Dhabi Future Energy Company PJSC - Masdar (“Masdar”), Infinity Power and Hassan Allam Utilities announced today a landmark agreement with the Egyptian Electricity Transmission Company (EETC) as part of Egypt’s accelerated renewable energy initiative. The agreements include two Power Purchase Agreements (PPAs) for the construction of solar projects with a combined capacity of 1.2G gigawatts (GW) and 720 MWh (megawatt hours) Battery Energy Storage Systems (BESS), marking a major milestone in Egypt’s clean energy development.
Witnessed by the Egyptian Prime Minister Dr. Moustafa Madbouli and Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, the agreements were signed by Mr. Mohamed Jameel Al Ramahi, CEO of Masdar, on behalf of the consortium with Eng. Mona Rizk, Chairperson of the Egyptian Electricity Transmission Company (EETC). The ceremony was attended by Mr. Mohamed Ismail Mansour, Chairman of Infinity Power; Eng. Nayer Fouad, CEO of Infinity Power; Mr. Amr Allam, Co-CEO of Hassan Allam Holding; Mr. Hisham El-Gamal, Director of Governmental Affairs at Infinity Power; and Ms. Nourhan Ghareeb, Head of Legal for Project Development at Infinity Power.
The projects include a 900MW solar plant with BESS in Wahat, and a 300MW solar plant with BESS to be located in Benban. Once operational, these plants are expected to play a critical role in reducing carbon emissions, supporting Egypt’s sustainability ambitions, and increasing the supply of clean energy in Egypt. This partnership is related to the ongoing 4GW program spearheaded by Masdar.
It will also be the first development to come on stream in the broader strategic partnership between Masdar, Hassan Allam Utilities and Infinity Power which is looking to develop close to 11 GW of renewable power generation capacity in Egypt.
Masdar’s CEO, Mohamed Jameel Al Ramahi, said, “This agreement reflects Masdar’s dedication to advancing the clean energy transition in Egypt and around the world. By leveraging the combined expertise of Masdar, Infinity Power, and Hassan Allam Utilities, we are not only supporting Egypt’s renewable energy goals but also helping to build a more sustainable future for generations to come. With this project, we continue to advance the delivery of the UAE Consensus to triple global renewables capacity, as Masdar targets a renewable energy portfolio of 100GW by 2030”.
Amr Allam, Co-CEO of Hassan Allam Holding, stated: "We are excited to commence this long-term partnership with Masdar and IPH through this 1.2GW solar investment, which is the first project of an important pipeline of renewable energy and green hydrogen projects in Egypt. The private sector, in partnership with the government, plays a key role in advancing Egypt’s renewable energy production, and we are proud to play our part in this partnership. We are committed to driving the country's decarbonization efforts and playing a pivotal role in advancing Egypt’s ambitious sustainability goals.”
Mohamed Ismail Mansour, Chairman of Infinity Power, commented: “We are proud to be part of this landmark agreement, which aligns with our mission to drive the clean energy transition in Egypt and across the continent. These projects will not only contribute to reducing carbon emissions but also ensure sustainable energy access for millions of people. Infinity Power remains committed to advancing Africa’s renewable energy landscape, working hand-in-hand with key partners like Masdar and Hassan Allam Utilities.”
Eng. Nayer Fouad, CEO of Infinity Power, added: “This agreement represents a key milestone in our journey towards achieving 10GW of operational capacity by 2030. These solar projects will significantly strengthen Egypt’s position as a leader in renewable energy and serve as a catalyst for further green investments in the region. We are excited to continue our partnership with Masdar and Hassan Allam Utilities in delivering impactful renewable energy solutions.”
As Egypt and Africa continues its shift towards clean energy, driven by increasing demand for sustainable power and government commitments to climate action, the ability to deliver projects at accelerated timelines such as those at Wahat and Benban will play a crucial role in supporting the continent’s journey towards a more resilient and sustainable energy future.
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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.
Contact:
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 is 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 10 GW 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 about Hassan Allam Utilities and its activities, please visit: www.hassanallam.com
Contact:
Hala Samy- PR Senior Manager
hala.samy@hassanallam.com