The agreement was signed by heads of state during the COP27 Climate Summit in Sharm El Sheikh, Egypt. This is what was reported by the official Emirates News Agency, according to Reuters. The United Arab Emirates will host COP28 next year.
The wind farm development will be carried out by the UAE’s state-owned renewable energy company, “Masdar”, and the Hassan Allam Utilities Company, Egypt’s most important developer of renewable energy. This project is the largest project ever undertaken by companies. A completion date for the wind farm has not been announced.
Once complete, the wind farm will be part of Egypt’s “Green Corridor” initiative, a strategy that aims for renewable energy projects to make up 42 percent of the country’s energy sources by 2035.
Wind power will be able to save an estimated $5 billion in annual natural gas costs, thus contributing to economic growth, reducing carbon emissions and providing greater access to sustainable energy sources, according to the statement on the agreement.
This is not the first time that the two countries have entered into cooperation in the field of green transformation. In April, Masdar and Hassan Allam Utilities signed an agreement to develop hydrogen production facilities in the Suez Canal and on the Mediterranean coast. The facilities should be ready for use in 2026.
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