Cairo: Egyptian Prime Minister Moustafa Madbouly, alongside Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Bahaa El-Ghannam, Executive Director of Future of Egypt for Sustainable Development Authority, witnessed the signing of two significant solar energy agreements. These agreements were finalized on Wednesday, November 20, 2024, marking a new chapter in Egypt’s renewable energy sector.

According to State Information Service Egypt, the Future of Egypt for Sustainable Development Authority signed memoranda of understanding with Abu Dhabi Future Energy Company (Masdar) to implement two innovative solar energy projects in Upper Egypt. The agreements include the development of a 5 GW floating solar power plant on Lake Nasser and a 2.8 GW solar energy facility in Nagaa Hammadi.

The collaboration seeks to strengthen Egypt’s renewable energy potential, enhance energy security, and cut long-term energy expenses. The initiatives aim to decrease dependence on traditional energy sources while
significantly lowering carbon emissions, in line with the sustainability goals of both Egypt and the UAE.

Under the agreement, Masdar will spearhead the development of the 5 GW floating solar power plant on Lake Nasser in two phases, with an initial output capacity of 2 GW followed by an additional 3 GW. Masdar will also lead the development of the 2.8 GW solar energy project in Nagaa Hammadi. The floating solar plant on Lake Nasser is anticipated to become the largest of its kind globally upon completion.