Egypt Greenlights USD 900 Mn Solar Energy Initiative with UAE’s Masdar
Egypt has approved Masdar's USD 900 million solar energy project to build 1,000 MW of capacity in Upper Egypt, with completion expected by late 2025.
September 05, 2024. By EI News Network
The project will involve the construction of solar energy farms with a total production capacity of approximately 1,000 MW. These facilities will be situated in Upper Egypt, specifically in the Aswan Governorate. The initiative will be executed under the Build-Operate-Own (BOO) model. Under this model, Masdar will be responsible for the implementation, financing, and ownership of the solar farms.
According to media reports, the Egyptian Ministry of Electricity and Energy has given its approval for the venture. The projects are expected to be operational by the end of 2025, with Masdar completing the construction and connecting the farms to Egypt’s national electricity grid.
The deal stipulates that the state-run Egyptian Electricity Transmission Company (EETC) will purchase all the electricity produced by these solar farms for the entire duration of the project, which is projected to last around 25 years. The final contracts, including details on the energy purchase price, are currently under review and are anticipated to be finalized by October. The agreements will be signed between the New and Renewable Energy Authority, which will allocate the land under a usufruct system, and the EETC, with Masdar as the executing party.
Mohamed Mansour, CEO of Infinity Power, which is involved in the project, revealed that the first phase of the project is set to commence with land preparations and preliminary activities, with electricity generation expected to start in 2032. Masdar is also expected to select an Egyptian partner for civil engineering tasks during the project's implementation.
This development comes shortly after Egypt signed another contract with Masdar for a 200-megawatt solar energy project in southern Egypt. This agreement is part of Egypt’s broader strategy to increase its production of renewable energy to 42 percent of its total electrical capacity by 2035. The country is making significant strides in enhancing its renewable energy infrastructure, positioning itself as a regional leader in sustainable energy solutions.
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