The Egyptian government has greenlit Abu Dhabi Future Energy Company, known as Masdar, to develop solar energy farms worth over $900 million. The deal, reported by Saudi Arabia’s Asharq TV, involves setting up projects with a combined production capacity of around 1,000 megawatts in Upper Egypt, including Aswan Governorate.
Masdar will use the BOO (Build, Own, Operate) model, taking charge of the project’s implementation, financing, and ownership. The Egyptian Electricity Transmission Company (EETC) will commit to buying all the electricity generated over the 25-year lifespan of the projects.
Infinity Power CEO Mohamed Mansour revealed that a $10 billion mega-project will start generating electricity by 2032. Final contracts and energy purchase agreements are expected to be signed by October, with the New and Renewable Energy Authority allocating land and the EETC handling energy purchases.
Masdar aims to complete and connect these projects to Egypt’s national grid by the end of 2025, utilizing photovoltaic solar panels. An Egyptian partner will assist with civil engineering work during construction.
A few days ago, Egypt signed a separate contract with Masdar for a 200-megawatt solar project in southern Egypt. This initiative is part of Masdar’s ambitious plan to boost its renewable energy production to 42% of its total capacity by 2035.
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