Masdar has signed a collaboration agreement to deliver a 800MW wind power portfolio in Egypt alongside Elsewedy Electric and Marubeni Corporation
Mohamed Jameel Al Ramahi, CEO at Masdar, said, ?As Egypt?s economy expands, so do the opportunities to provide energy from renewable sources. We are ready to tap into our existing experience with renewable energy projects, while collaborating with industry experts like Elsewedy Electric and Marubeni in Egypt, to deliver on the country?s visionary plans for the future.?
The three entities are partnering for the first time to build on their existing renewable energy capacity in Egypt. Masdar has already developed a number of solar power plants in partnership with Egypt?s New and Renewable Energy Authority. These include the 10MW Siwa Solar PV plant, four PV plants in the Red Sea governorate with a combined capacity of 14MW and three PV installations in Al Wadi Al Jadeed with a combined capacity of six megawatt. That is in addition to providing 7,000 standalone solar home systems to homes and community buildings.
Egypt is planning to generate 42 per cent of its electricity from renewable sources by 2025. According to the International Renewable Energy Agency (IRENA), the country aims to install 7.2 GW of wind power by 2020 and 3.5 GW of solar by 2027.
?This new addition to Egypt?s energy portfolio is amongst several projects implemented in recent years, and shows the country?s attractiveness as a location for renewable energy investors,? said Ahmed Elsewedy, president and CEO of Elsewedy Electric.
Elsewedy Electric is one of the leading providers of integrated energy solutions on energy infrastructure projects in the Middle East and Africa. Marubeni is a Japanese trading and investment house and one of the biggest independent power producers (IPP) in the Middle East and Africa.
