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09-11-22
UAE, Egypt reach agreement to establish massive onshore wind farm in Egypt
(MENAFN) The leaders of the UAE and Egypt reach a deal to sign a contract on Tuesday to improve one of the glob’s biggest onshore wind ventures in Egypt, in line with an official announcement on the Gulf nation’s state news agency.
The Memorandum of Understanding was inked among the UAE’s renewable energy company Masdar alongside its mutual project with Egypt’s key renewable energy developer Infinity and Hassan Allam Utilities, the announcement on news agency WAM stated.
Masdar, funded in a portfolio of renewable energy assets with a total worth of higher than USD20 billion and an overall volume of more than 15 GW, as stated by the new venture would be its largest yet.
“With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt’s renewable energy goals,” Masdar’s chief executive Mohamed Jameel Al-Ramahi stated.
Tuesday’s deal was inked on the offshoots of the current COP27 climate conference in Egypt’s coastal town of Sharm El-Sheikh. The UAE is holding the COP28 summit in 2023.
MENAFN09112022000045014228ID1105152451
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