CAIRO – 21 November 2024: The Future of Egypt Authority for Sustainable Development has partnered with the UAE’s Masdar Company for Renewable Energy to sign two landmark Memoranda of Understanding (MoUs).
These agreements aim to establish a 5 GW floating solar power project on Lake Nasser and a 2.8 GW solar power project in Nagaa Hammadi, marking a significant step toward advancing clean energy infrastructure in both nations.
In the presence of Prime Minister Mostafa Madbouly, the agreements highlight a shared commitment to reducing reliance on traditional energy sources, cutting carbon emissions, and achieving national and regional sustainable development goals.
The floating solar power project on Lake Nasser will be implemented in two phases: 2 GW in the first phase and 3 GW in the second.
Once completed, it is expected to be the largest floating solar plant in the world, leveraging Masdar’s extensive expertise in renewable energy innovation.
These MoUs not only pave the way for significant investments in solar and wind energy but also emphasize the exchange of technical expertise to strengthen national capabilities in renewable energy project management.
The initiatives are set to create numerous job opportunities in the energy and technology sectors, driving economic growth and supporting human development while positioning the region as a leader in sustainable energy solutions.
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