Dr. Mostafa Madbouly, the Prime Minister, attended a signing ceremony at the Cabinet headquarters in the New Administrative Capital, where two memoranda of understanding were established between the Egypt Future for Sustainable Development Agency and the UAE’s Abu Dhabi Future Energy Company, Masdar.
The first memorandum focuses on collaboration to develop a 5 GW floating solar energy project on Lake Nasser, while the second pertains to a 2.8 GW solar energy initiative in the Nag Hammadi region.
This partnership aims to strengthen the clean energy infrastructure in both nations, contributing to long-term cost reductions and improved energy security. It also seeks to decrease reliance on traditional energy sources and lower carbon emissions, aligning with national and regional objectives for sustainable development.
The signing of these MoUs exemplifies the strong ties between Egypt and the UAE and underscores their mutual commitment to international efforts against climate change and the transition to clean energy.
The agreements were signed by Major General Engineer Khaled Salah, Director of the Engineering Department of the Egypt Future for Sustainable Development Agency, and Mohamed Jameel Al Ramahi, CEO of Masdar. They encompass the development of the floating solar project on Lake Nasser, which will have a total capacity of 5 gigawatts, with the first phase set for 2 gigawatts and the second for 3 gigawatts.
Additionally, the memoranda cover another solar energy project in North Nag Hammadi with a capacity of 2.8 gigawatts. This collaboration marks a significant step towards achieving the shared goals of both countries in transitioning to sustainable and eco-friendly energy sources, thereby reducing carbon emissions and fostering sustainable economic growth.
The MoUs aim to boost joint investments in clean energy, emphasizing the use of solar and wind energy as renewable electricity sources. They also promote the exchange of technical expertise between both parties, enhancing national capabilities in the design, implementation, and management of renewable energy projects.
Furthermore, this initiative is expected to create numerous job opportunities in energy and technology sectors, supporting the local economy and advancing human development.
The development of this station, anticipated to be the largest of its kind globally, will leverage Masdar’s extensive expertise in floating solar power stations, strengthening Egypt’s commitment to sustainable energy solutions.
This initiative also seeks to harness the vast potential of Lake Nasser to bolster energy security in Egypt, serving as a model for future renewable energy projects in the region.
Source :aboutmsr
