Arab FinanceDr. Mostafa Madbouly, Prime Minister, testified at the Council of Ministers headquarters in the New Administrative Capital, The signing ceremony of two memorandums of understanding between the Egyptian Future Agency for Sustainable Development, Abu Dhabi Future Energy Company, Masdar, UAE, regarding cooperation in developing and establishing a floating solar energy project with a capacity of 5 gigawatts in Lake Nasser, as well as a project to develop and establish a solar energy project with a capacity of 2.8 gigawatts in Nag Hammadi.
This cooperation aims to enhance clean energy infrastructure in both countries, which contributes to reducing costs in the long term and achieving energy security. The joint effort also contributes to reducing dependence on traditional energy sources and reducing carbon emissions, in line with national and regional goals for sustainable development.
The signing of the two memorandums of understanding comes within the framework of the established fraternal relations between Egypt and its sister country, the United Arab Emirates, and in line with international efforts to confront climate change and promote the transition towards clean energy. This cooperation is considered a pivotal step in achieving the common goals of the two countries in the field of transition to sustainable and environmentally friendly energy sources. , which contributes to reducing carbon emissions and promoting sustainable economic development.
The two memorandums of understanding aim to enhance joint investments in the fields of clean energy, with a focus on solar energy and wind energy as renewable sources of electricity production. They also seek to exchange technical expertise between the two sides, which contributes to strengthening national capabilities in designing, implementing and managing renewable energy projects, and provides job opportunities. Many in the fields of energy and technology, supporting the local economy and human development.
It is expected that the development of this station, which is nominated to be the largest project of its kind in the world, in addition to benefiting from Masdar’s global experience in the field of developing floating solar energy stations, will contribute to supporting Egypt’s efforts and endeavors to rely on sustainable energy solutions. The initiative also aims to Exploiting the great potential provided by Lake Nasser to enhance energy security in Egypt, in addition to the fact that the project constitutes a role model and paves the way for the establishment of future renewable energy projects in the region.
Related news
