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The UAE’s Masdar has revealed plans to invest in Egypt wind farms in an attempt to expand the company’s renewable energy portfolio
UAE minister of state and managing director and CEO of Masdar, Sultan Ahmed Al Jaber, told Gulf News that the company was seeking to invest in several markets across the globe.
A statement from Masdar said that Egypt, a significant oil and gas player, was identified as one of the best potential countries for both wind power projects, as the country has been gifted with consistent wind patterns, mainly on the eastern Red Sea coast, including Zaafaranah region near Suez.
A framework agreement was signed between Masdar and the Egyptian New And Renewable Energy Authority (NREA) in February 2010 for a 200MW wind power plant. Once launched, the project will be the first collaborative venture between Egypt and the UAE in the field of renewable energy.
At present, Egypt has wind farms at Zafarana and Hurghada on its Red Sea coastline, with an installed capacity of 430MW of wind energy. The area is one of the windiest sites in the Middle East, with average wind speeds of more than nine meters per second.
Egypt has announced that it will seek US$110bn in investments in its energy sector by 2027 and its agreement with Masdar in 2010 came in the context of enhancing UAE-Egyptian relations in all fields – especially in the field of new and renewable energy.
In 2013, Masdar has been involved in various wind projects outside of the UAE, including the London Array offshore wind farm and a wind farm in Seychelles.