Egyptian Prime Minister Moustafa Madbouly with Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, and Bahaa El-Ghannam, Executive Director of Future of Egypt for Sustainable Development Authority witness the signing of two landmark solar energy deals on Wednesday, November 20, 2024

The agreements, signed in the presence of Prime Minister Moustafa Madbouly, will see 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 aims to expand Egypt’s renewable energy capabilities, ensure energy security, and reduce long-term energy costs. Both projects aim to minimize reliance on traditional energy sources while significantly lowering carbon emissions, aligning with Egypt’s and the UAE’s sustainability goals.

Under the agreement, Masdar will lead the development of Lake Nasser’s 5 GW floating solar power plant in two phases: with an output capacity of 2 GW in the first phase and 3 GW in the second phase and a 2.8 GW solar energy project in Nagaa Hammadi. It will also lead the development of Nagaa Hammadi’s 2.8 GW solar energy project.

Upon completion, the floating solar plant on Lake Nasser is expected to be the largest of its kind worldwide.