• $900M Investment: Masdar’s bid to build solar power plants in Upper Egypt gets the green light from Egypt’s Ministry of Electricity.
• 1,000 Megawatts Capacity: The project aims to generate approximately 1,000 MW of solar power, significantly boosting Egypt’s renewable energy capacity.
• 25-Year Energy Purchase Agreement: The Egyptian Electricity Transmission Company will buy all produced energy, securing a long-term energy partnership.

Egypt’s Ministry of Electricity and Renewable Energy has approved a $900 million bid from the Abu Dhabi Future Energy Company (Masdar) to develop solar power plants in Upper Egypt, including Aswan. The project will have a total capacity of approximately 1,000 megawatts, according to an official source from Asharq Business.

“Masdar will carry out and finance the project under the build, own, operate (BOO) model,” said the official. This approach ensures that Masdar will oversee the construction and management of the solar plants, while the Egyptian Electricity Transmission Company (EETC) commits to purchasing all the energy produced for a period of 25 years.

Final contracts and energy purchase agreements are currently under review and are expected to be signed between the New and Renewable Energy Authority (NREA) and EETC by October. “NREA will allocate land for the project based on the usufruct system in exchange for 2% of the generated energy,” the official added, highlighting the strategic land-use agreement.

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Masdar plans to complete these solar projects and connect them to Egypt’s national grid by the end of 2025, utilizing photovoltaic cells and solar panels. The official also noted that Masdar is expected to collaborate with an Egyptian partner for the project’s civil works, reinforcing local participation in the renewable energy sector.

This significant investment underscores Egypt’s commitment to expanding its renewable energy infrastructure and reducing its reliance on traditional energy sources.