{"id":588169,"date":"2023-06-07T00:00:00","date_gmt":"2023-06-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/masdar-led-consortium-now-has-land-for-its-10-gw-mega-wind-farm\/"},"modified":"2023-06-07T00:00:00","modified_gmt":"2023-06-07T00:00:00","slug":"masdar-led-consortium-now-has-land-for-its-10-gw-mega-wind-farm","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/masdar-led-consortium-now-has-land-for-its-10-gw-mega-wind-farm\/","title":{"rendered":"Masdar-led consortium now has land for its 10-GW mega-wind farm"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"\"> <\/span><span style=\"font-weight:700\">Masdar-led consortium secures land for mega wind farm in Egypt:<\/span><span style=\"\"> UAE\u2019s Masdar, Infinity <\/span><span style=\"\">Power, and Hassan Allam Utilities signed a land allocation agreement with the Egyptian government for a 10-GW wind farm in Sohag, the companies said in <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/ent.news\/2023\/6\/328.pdf\" style=\"\">a joint statement (pdf)<\/a><\/span><span style=\"\">yesterday. The agreement comes eight months after the companies <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/952ee209-52e7-435e-860b-caf16ba6251b\" style=\"\">signed an MoU<\/a><\/span><span style=\"font-weight:400;\">for the project on the sidelines of COP27. <\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What we know: <\/span><span style=\"\">At a cost of USD 10 bn, the wind farm is set to be one of the largest in the <\/span><span style=\"\">world. It is expected to produce 47.7k GWh of clean energy every year, saving the country about USD 5 bn annually by reducing natural gas consumption, according to the statement. The companies estimate that the plant will offset nearly 24 mn tons of CO2 emissions each year, equal to around <\/span><span style=\"\">9% <\/span><span style=\"\">of the country\u2019s total carbon footprint in 2021.<\/span><span style=\"\"> The first phase of the project will be up and running within four years, Masdar CEO Mohamed Jameel Al Ramahi told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3WR4ZFg\" style=\"\">Al Arabiya<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Feasibility studies + finance on the way: <\/span>The developers will in the \u201ccoming period\u201d carry out feasibility, investor onboarding and environmental studies to bring the project online, Ramahi said at a press conference yesterday (<span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.youtube.com\/watch?v=Wu9Gkkhg8ic&amp;t=270s\" style=\"\">watch, runtime: 37:05<\/a><\/span>). The developers expect the project will reach financial close within the next 15 months, and will receive 70-80% of the funding from international institutions, he told Al Arabiya.<\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Great news for Egypt\u2019s renewables targets:<\/span><span style=\"\"> Another 10 GW of wind capacity will help Egypt <\/span><span style=\"\">meet its target of sourcing 42% of its energy from renewables by 2030. The government recently <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/04dda22d-b376-4d76-bf9a-50f917a5ac39\" style=\"\">announced a new longer-term goal<\/a><\/span><span style=\"font-weight:400;\"> targeting 60% by 2040.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Power mainly for local use -NREA:<\/span><span style=\"\">The plant will be connected to the national grid where it <\/span><span>feed most of its power for local consumption, the CEO of the New and Renewable Energy Authority, Mohamed Al Khayyat, said in an interview on Al Hayah Al Youm last night (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/hayahalyoum\/posts\/pfbid02Wz1LkErWqCAhPV1kPp3ME1FSkFM5Nb5R6PYTrDJAw3DPyGLmV6HuWRpAtqsAaNxYl?__cft__[0]=AZWVw0UK0EAGmGGcJHnGrdclz48On0rW1b0DXDJllZvnOs29vulnUQfz6-nWaP52dwHfkpPsYOZamNOs1WvR_3X_VTouMDslQ8j41FDHi4rq6ITPsJs-XiEEPrwuGGpmOrX-zOiwecMfHpW6YwXMPlLkYmcuW8Q-vijLplZ_ConNqYD932_5wpvg4clJX2vmvjE&amp;__tn__=%2CO%2CP-R\" style=\"\">watch, runtime: 7:31<\/a><\/span><span>). This will enable the government to export more natural gas, a key source of hard currency, he said.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">But there is still export potential:<\/span><span style=\"\"> The government is looking to export electricity to Libya, <\/span><span style=\"\">Sudan, and to the GCC through its planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.press\/stories\/2022\/10\/20\/egypt-saudi-electricity-interconnection-finally-has-a-timeline-84594\/#:~:text=About%20the%20project%3A%20The%20Egypt,Badr%20city%2C%20east%20of%20Cairo.\" style=\"\">link with Saudi Arabia<\/a><\/span><span style=\"\">, and to Europe via <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a45b2def-700c-4c85-95d1-4266c2835580\" style=\"\">a number of proposed interconnectors<\/a><\/span><span style=\"\">. Infinity Power \u2014 part of the developers on the 10 GW wind farm \u2014 signed an MoU <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/414aad37-9a32-4305-b52b-01080a56d104\" style=\"\">back in May<\/a><\/span><span style=\"\"> with Greece-based Copelouzos Group to explore the feasibility of jointly developing renewable energy projects to supply the planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/cb41cd3c-8caa-4f64-8682-be3dbf55dd71\" style=\"\">3-GW Egypt-Greece interconnector<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Big FDI potential for Egypt: <\/span><span style=\"\">The consortium is expected to bring in an estimated USD 20 bn in <\/span><span style=\"\">direct investments into the country: USD 10 bn through the 10 GW wind plant, USD 4 bn for its planned <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/climate\/en\/news\/story\/1f8d7402-6d05-4eae-b3b0-b5bb811be7ab\" style=\"\">green hydrogen plant<\/a><\/span><span style=\"font-weight:400;\">, and USD 6 bn to bring online the 7 GW of clean energy that will power it, Al Ramahi said yesterday.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The USD 10 bn project is expected to offset around 9% of Egypt\u2019s annual emission footprint<\/p>\n","protected":false},"author":1,"featured_media":588170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[7286,93,72,4952,7111,151,7081],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588169","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized","tag-climate","tag-energy","tag-enterpriseam","tag-infinity-power","tag-infrastructure","tag-renewables","tag-wind-power","wpautop","entry"],"acf":{"mongo_id":"189cc88e-5bd1-40a3-9fd7-aed956392111","order":"0","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2023\/6\/329.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Masdar-led consortium signs land deal for 10-GW wind farm in Sohag","related_issue":[588164],"teaser":"The USD 10 bn project is expected to offset around 9% of Egypt\u2019s annual emission footprint","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/12\/.1e011a40-a159-4e95-a030-30264a72fbae.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Masdar-led consortium now has land for its 10-GW mega-wind farm - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2023\/06\/07\/masdar-led-consortium-now-has-land-for-its-10-gw-mega-wind-farm\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" 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