Skip to content Skip to Search
Skip navigation

Egypt said to start building $11bn wind farms project from 2024

Unsplash.com
A consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10GW onshore plant by 2030

Egypt will start construction of an $11 billion wind farms project in 2024, which is likely to supply electricity to Europe and Saudi Arabia, Bloomberg reported.

A consortium comprising Abu Dhabi-owned Masdar and Infinity Power Holdings will finish building the 10-gigawatt (GW) onshore plant by 2030, Mohamed Mansour, chairman of Infinity Power, told the news agency.

The power will be purchased by the Egyptian government and some of which may be exported through the existing and planned cables to Europe, Saudi Arabia, Sudan and Libya, he said.

The companies expect to secure land for the project this year and are looking at two locations in Egypt’s western desert, one near Minya and the other Aswan, which have wind speeds that can reach 10 metres per second.

The consortium also includes Egypt’s Hassan Allam Utilities. Infinity Power is a joint venture between Masdar, UAE’s renewable-energy firm, 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.

Latest articles

Gulf bank rates

Gulf banks face margin squeeze as funding costs rise

Gulf banks are likely to offer more attractive rates on savings accounts to woo depositors, putting more pressure on lenders’ already tight net interest margins, a report suggests. The move towards higher interest rates for savers is predicted to become more pronounced as expectations of imminent rate cuts by the US Federal Reserve fade. Benchmark interest […]

Mubadala Investment Company CEO Khaldoon Khalifa Al Mubarak. The Abu Dhabi wealth fund is selling some GlobalFoundaries shares two years after the US company went public

Mubadala trims stake in US chipmaker GlobalFoundries

Abu Dhabi sovereign wealth fund Mubadala Investment Company is offloading some of its holdings in chipmaker GlobalFoundries.  A Mubadala subsidiary is offering to sell $950 million worth of GlobalFoundries shares, two years after the US semiconductor manufacturer went public on Nasdaq. Mubadala Technology Investment Company will receive the funds from the secondary public offering, which […]

Saudi arabia water

$4bn set aside for Saudi water projects

Saudi Arabia will spend $4 billion by the end of the decade on recycling over 2 billion cubic metres of water, about 70 percent of the country’s renewable water sources, an official said this week.  Speaking at the World Water Forum in Indonesia, Mohammed bin Zaid Abuhid, head of the General Authority for Irrigation, outlined […]

Cigarette sellers in Aswan, Egypt. US company Philip Morris says it wants to give smokers in Egypt 'better options than cigarettes'

US cigarette giant buys slice of Egyptian rival

The American tobacco giant Philip Morris International (PMI) has acquired a minority stake in Egypt’s largest cigarette manufacturer. PMI, which owns brands such as Marlboro, L&M, Merit and Parliament and is the world’s top tobacco company by market value, has bought 14.7 percent of Egypt’s Eastern Company, which also includes cigars and pipe tobacco in […]