Masdar, along with its Dutch joint venture company Infinity Power and Hassan Allam Utilities, has signed a memorandum of understanding (MOU) with Egypt’s Ministry of Electricity and Renewable Energy to construct a 10 GW onshore wind project in Egypt. The project will be able to generate 47,790 GWh of clean energy annually as part of the country’s Green Corridor strategy, displacing 23.8 million tonnes of carbon emissions. According to estimates, the initiative will assist the country save $5 billion annually on natural gas costs.
Additionally, it is anticipated that the project will generate employment of 100,000 people, of which 30,000 will be necessary for the construction phase. Around 70,000 people will receive indirect employment as a result. In addition, 3,200 jobs for operations and maintenance are anticipated to be created once the wind project is operational.
In October 2022, Masdar expanded its footprint in the UK by acquiring Arlington Energy, a company that develops battery energy storage systems (BESS). Over the last two years, the company has finished more than 170 MW of assets. The agreement would enable BESS projects to be developed, built, managed, and financed through a single Masdar-Arlington platform. No financial terms of the transaction have been disclosed.
REGlobal’s Views: Masdar has been rapidly expanding its operations across various emerging renewable energy markets in Africa, Asia and the Middle East. This latest massive wind project agreement comes soon after two MoUs signed in April 2022 between Masdar, Hassan Allam Utilities and Egyptian state-backed organizations to cooperate on the development of 4 GW green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.