The presidents of the United Arab Emirates (UAE) and Egypt witnessed the signing of an agreement to develop one of the largest onshore wind projects in Egypt.
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 agreement was signed on the sidelines of the ongoing COP27 climate summit in Sharm El-Sheikh, Egypt. Once completed, the wind farm would be part of Egypt’s Green Corridor initiative, a grid dedicated to renewable energy projects that is aimed at ensuring renewable energy makes up 42 per cent of the country’s energy mix by 2035. The wind project would save Egypt an estimated $5 billion in annual natural gas costs.