Egypt secures $10b in FDI for wind power plant – cabinet

Egypt’s New and Renewable Energy Authority (NREA) signed site receipt protocol on Wednesday for a massive 10-gigawatt wind power plant project in West Sohag, worth $10 billion in foreign direct investments (FDIs), the Cabinet announced.

The project will be executed by a consortium led by Abu Dhabi Future Energy Company (Masdar), Hassan Allam Utilities company, and Infinity Power company, as per the statement.

The plant, set to be the largest wind power facility in the Middle East, will generate 48,000 gigawatt-hours of clean energy annually, significantly reducing carbon emissions and creating an estimated 23,000 jobs during construction and operation.

The project represents a significant step towards Egypt’s ambitious renewable energy goals. It aligns with Egypt’s strategy to obtain 42 per cent of its energy mix from renewable sources by 2030.

The wind farm strengthens ties between Egypt and the United Arab Emirates, said the Minister of Electricity and Renewable Energy Mohamed Shaker said during the signing ceremony.

The consortium will commence with technical studies and measurements immediately after site takeover.

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