According to one of the major businesses funding the $11 billion project, the building of one of the largest wind farms in the world in Egypt is scheduled to begin in 2024 and could supply electricity to Saudi Arabia and Europe.
According to Mohamed Mansour, chairman of Infinity Power, a consortium made up of Masdar, controlled by Abu Dhabi, and Infinity Power Holdings will complete construction of the 10-gigawatt onshore project by 2030. The UK now has about one-fifth of that capacity available for all types of renewable energy.
The power will be purchased by the Egyptian government, with some possibly being exported via cables already in place or being constructed to Europe, Saudi Arabia, Sudan, and Libya. In an interview at the COP27 climate summit in Sharm El-Sheikh, Mansour said.
According to him, the businesses anticipate acquiring the project’s land this year. According to Mansour, they are examining two areas in the Western Desert of Egypt, one close to Minya and the other near Aswan, both of which have wind speeds that can approach 10 metres per second. The same-named billionaire from Egypt is his uncle.
In an effort to move away from fossil fuels and keep global warming to 1.5 degrees Celsius above pre-industrial levels, governments and investors are investing heavily in wind and solar power plants all over the world.
Hassan Allam Utilities of Egypt is also a member of the consortium. A joint venture between Egypt’s Infinity and Masdar, the largest provider of renewable energy in the United Arab Emirates.
According to Mansour, the same team is also developing a green hydrogen facility in Egypt that may create 480,000 tonnes of the fuel year by 2030. The two projects will be financed to the tune of about 80% through debt and the remaining portion through equity.
Although Infinity Power is able to secure funding for its projects, Mansour warned that rising interest rates could hurt the company’s bottom line.
In order to make up for that setback, he said, “we look to optimise in other areas.” “This will increase the cost of projects.”
By 2025, Infinity Power wants to triple its capacity in Africa to 3.75 gigawatts. It is expanding in South Africa and considering ventures in Zimbabwe, Guinea, and Tunisia.
According to Mansour, Africa “is where the power generation is most required.” “We believe in using renewable energy sources to provide clean electricity, and we believe that everyone has the right to access electricity.”
Due to frequent blackouts in numerous nations, the continent has some of the lowest per-capita generation rates in the whole globe.
It plans to complete the acquisition of Lekela Power, which has a capacity for wind energy of around 1 gigawatt, in January. Mansour said, “We were very knowledgeable in the solar-technology space, but Lekela brings us expertise in wind.” “The acquisition of Lekela is very strategic for us.”