As reported by WAM, a Memorandum of Understanding (MoU) has been signed between Masdar, a renewable energy company in the United Arab Emirates, and its joint venture with Egypt's leading renewable energy developer, Infinity, and Hassan Allam Utilities. Masdar has stated that the new project will be its largest to date, with a total capacity of over 15 GW and a total value of over $20 billion. When operational, the wind farm will contribute to Egypt's Green Corridor initiative, which is building a system to support renewable energy projects with the goal of having renewables account for 42% of Egypt's energy mix by 2035. According to the report, Egypt would be able to save $5 billion a year on natural gas expenditures thanks to the wind project. According to Egypt's renewable energy authority's annual report, the country's total installed power capacity was roughly 59.5 GW in 2019/2020.
In a statement, Mohamed Mansour, chairman of Infinity Power, the joint venture between Masdar and Infinity, said that the initiative would allow the country to preserve large quantities of natural gas, leading to economic growth, reduced carbon emissions, and increased access to sustainable energy sources. Two MOUs were signed between Masdar and Hassan Allam Utilities and Egyptian government-backed organisations in April, formalising their intent to work together on the construction of four gigawatts worth of green hydrogen production facilities in the Suez Canal Economic Zone and along the Mediterranean coast. To begin, the statement stated, a green hydrogen manufacturing facility would be built and put into service by 2026, with the capacity to manufacture 100,000 tonnes of e-methanol yearly for bunkering in the Suez Canal. It was stated that by 2030, the electrolyzer facilities might be expanded to up to 4 GW, allowing for the production of 2.3 million tonnes of green ammonia for export and the supply of green hydrogen for local industry.
