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Another big investment in Egypt’s solar industry: Infinity Power, Masdar, and Hassan Allam Utilities will build solar power plants in Upper Egypt with a combined capacity of 1 GW at a cost of USD 900 mn after the Egyptian government greenlit the move, Asharq Business, citing an unnamed government official. The projects fall under Egypt’s build-own-operate (BOO) framework.
What’s next? The final agreements should be signed in October, the source said, adding that the consortium should have the projects up and running and feeding the national electricity grid before the end of 2025.
No stranger to the Egyptian market: The three companies are partners in building a USD 11 bn, 10 GW wind farm in Sohag which is set to be one of the largest wind farms globally and the largest in Africa. Masdar is also working with Infinity and the EETC to build a 200 MW wind farm in Ras Ghareb.
IN OTHER RENEWABLE ENERGY UPDATES-
#1- Egypt increases approved capacity for Gulf of Suez wind project: The Egyptian Cabinet has approved an amendment request from Red Sea Wind Energy (RSWE) — a JV between Orascom Construction, Japan’s Toyota Tsusho Corporation/Eurus Energy Holdings, and France’s Engie — to increase the capacity of its Gulf of Suez wind projects from 500 MW to 650 MW, according to a statement. The ratification comes with an additional investment of USD 127 mn. RSWE was granted a golden license to design, construct, manage, operate, and maintain in the area in 2023.
REMEMBER- RSWE reached financial close on the wind farm last year: RSWE reached a financial close for a 500 MW wind farm near Egypt’s Ras Ghareb in April 2023. RSWE built Egypt’s first renewable energy IPP project in Ras Ghareb with a capacity of 262.5 MW, completing it in 2019. Established in 2020, RSWE was created for the purpose of constructing multiple wind farms in the area. Its ownership breakdown sees Toyota and Eurus each owning 20%, Engie holding 35% and OC owning the remaining 25% stake.
#2- Fertiglobe, Orascom Construction, and Scatec will receive usufruct rights in Ain Sokhna Industrial Zone to set up wind and solar power plants that will feed their green hydrogen plant, after cabinet approved their request, according to a statement.
The green hydrogen plant — being set up by the consortium with the Sovereign Fund of Egypt and the Egyptian Electricity Transmission Company — will supply Fertiglobe’s green ammonia plants. Fertiglobe secured a EUR 397 mn offtake agreement from Germany’s H2Global program to supply green ammonia to the EU from its Egyptian facilities between 2027 and 2033.
