Egypt is set to start the construction of one of the world’s largest wind farms in 2024 and could provide electricity to Europe and Saudi Arabia, according to one of the main companies backing the $11 billion project.
A consortium that includes Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10-gigawatt onshore plant by 2030, said Mohamed Mansour, chairman of Infinity Power. That capacity is roughly one-fifth of what the UK has today for all forms of renewable energy.
The Egyptian government will buy the power, some of which may be exported via existing and planned cables to Europe, Saudi Arabia, Sudan and Libya, Mansour said in an interview at the COP27 climate summit in Sharm El Sheikh. The companies expect to secure land for the project this year, he said. They are looking at two locations in Egypt’s Western Desert, one near Minya and the other Aswan, both of which have wind speeds that can reach 10 meters per second, according to Mansour. His uncle is an Egyptian billionaire with the same name.
Governments and investors are pouring money into wind and solar plants around the world as they seek to transition away from fossil fuels and limit global warming to 1.5 degrees Celsius above pre-industrial levels.
The consortium also includes Egypt’s Hassan Allam Utilities. Infinity Power is a joint venture between Masdar, the biggest renewable-energy firm in the UAE, and Egypt’s Infinity.
The same group is also working on an Egyptian green-hydrogen facility that may be able to produce 480,000 tonnes a year of the fuel by 2030, said Mansour. Around 80 per cent of the two projects will be financed through debt, while the rest of the money will come from equity.
While Infinity Power is able to secure funding for its projects, rising interest rates might lower the firm’s profits, said Mansour.
“We look to optimise in other areas to make up for that setback,” he said. “This will make projects more costly.”
Follow the latest news on Google News
