Masdar has signed two Memoranda of Understanding (MoUs) with Egypt to develop solar energy projects totaling 7.8 GW.
The agreements include a 5 GW floating solar power project on Lake Nasser and a 2.8 GW solar project in Nagaa Hammadi.
Signed under the Future of Egypt Authority for Sustainable Development and in the presence of Prime Minister Mostafa Madbouly, the MoUs are designed to enable Egypt achieve its renewable energy ambitions, according to Egypt Today.
The floating solar project, set to be the world’s largest upon completion, will be developed in two phases, with 2 GW delivered in the first phase and 3 GW in the second.
Masdar is expected to leverage its cutting-edge technology for the project and ensure clean energy generation on an unprecedented scale.
The projects will also focus on enhancing technical expertise in renewable energy project management, positioning Masdar as a leader in fostering national capabilities within Egypt.
In addition to expanding Egypt’s clean energy capacity, the projects are set to create significant job opportunities in the technology and energy sectors and driving economic growth.
The projects also demonstrate Masdar’s commitment to advancing sustainable energy solutions both regionally and internationally.
During COP29 Masdar signed multiple agreements to advance renewable energy projects globally. Among these, Masdar and SOCAR Green, the sustainable energy arm of Azerbaijan’s SOCAR, announced financial close for two major solar projects in Azerbaijan: the 445 MW Bilasuvar project and the 315 MW Neftchala project.
Masdar also signed a Power Purchase Agreement (PPA) with the Financial Settlement Centre for Renewable Energy Sources Support LLP for its 1GW wind farm in the Jambyl region of Kazakhstan.
Last week, a Masdar-led consortium, in partnership with China’s GD Power and Korea Electric Power Corporation (KEPCO), secured the Al Sadawi Independent Power Producer (IPP) project in Saudi Arabia, a 2,000 MWac solar photovoltaic plant in the Sadawi Region that forms part of the final phase of the Saudi government’s National Renewable Energy Program (NREP).
