The presidents of the United Arab Emirates (UAE) and Egypt witnessed the signing of an agreement on Tuesday to develop one of the world's largest onshore wind projects in Egypt, according to an official statement on the Gulf nation's state news agency.
The Memorandum of Understanding was signed between the UAE's renewable energy firm Masdar alongside its joint venture with Egypt's main renewable energy developer Infinity and Hassan Allam Utilities, the statement on news agency WAM said.
"With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt's renewable energy goals," Masdar's CEO Mohamed Jameel al-Ramahi said. The wind project would save Egypt an estimated $5 billion in annual natural gas costs, the statement said. Egypt's total installed power capacity was around 59.5 GW in 2019/2020, the country's renewable energy authority said in an annual report.
In April, Masdar and Hassan Allam Utilities signed two Memoranda of Understanding with Egyptian state-backed organisations to cooperate on the development of 4 GW green hydrogen production plants in the Suez Canal Economic Zone and on the Mediterranean coast.
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