The Egyptian Cabinet said in a statement: “Today, Mustafa Madbouly, Prime Minister, witnessed at the government headquarters in New Alamein City, the signing ceremony of two agreements for the project to establish a 200-megawatt wind power generation station in the Gulf of Suez area, between the Egyptian Electricity Transmission Company, the New and Renewable Energy Authority, and the Masdar-Infinity consortium, in the presence of Mahmoud Esmat, Minister of Electricity and Renewable Energy, and Sultan Al Jaber, Minister of Industry and Advanced Technology in the United Arab Emirates.”
The statement added: “The signing comes within the framework of the state’s strategy to maximize the role of new and renewable energies in the energy mix, and to support the private sector and rely on it to establish solar and wind energy generation stations.”
The two agreements were signed by Mohamed El Khayat, Chairman of the New and Renewable Energy Authority, Salah Ezzat, Chairman of the Egyptian Electricity Transmission Company, Nayer Fouad, CEO and Managing Director of Infinity Power, and Mohamed Jameel Al Ramahi, CEO of the UAE’s Masdar.
Under the two agreements, the alliance will develop, finance and operate the project, which is expected to begin commercial operation in October 2026. This project will contribute to increasing the share of renewable energy in the electricity mix and enhancing the country’s efforts to achieve its renewable energy targets, according to the statement.
The Prime Minister’s Office said in a statement: “Following the signing ceremony, Mostafa Madbouly stressed that this signing comes within the framework of keenness to implement more targeted projects in the field of renewable energy, as part of the state’s plan to expand electricity generation from these sustainable sources, and reduce reliance on traditional energy sources, noting at the same time that there is a complete conviction that the future of energy in Egypt lies in the new and renewable energy file, and hence the importance of exploring ways to introduce the largest possible amount of new and renewable energy into the electricity grid.”
For his part, the Egyptian Minister of Electricity added that “this project comes within the government’s plan to develop the renewable energy sector to maximize returns and benefit from available natural resources, reduce the use of fossil fuels, and thus reduce carbon emissions, in addition to the project’s contribution to providing many direct and indirect job opportunities during the construction and operation periods,” adding: “We are pleased to cooperate with the UAE’s leading renewable energy company, Masdar, to implement this important project, adding that the country has adopted an ambitious program to advance the electricity sector in various fields, most notably maximizing the use of new and renewable energy resources, and supporting and encouraging investment in this field.”
The Minister explained that this project confirms the ability of renewable energy in Egypt to attract foreign direct investment, pointing at the same time to the role of Egyptian national institutions in creating an investment climate with low risks and positive interaction with financing institutions and development partners.
Source: RT
#Egypt. #Signing #agreements #huge #EgyptianEmirati #project #Gulf #Suez
2024-08-18 16:56:59
