$900 Million Investment: Masdar's proposal to build solar power plants in Upper Egypt has been approved by Egypt’s Ministry of Electricity.

1,000 Megawatts Capacity: The project aims to generate around 1,000 MW of solar power, significantly enhancing Egypt’s renewable energy capabilities.

25-Year Energy Purchase Agreement: The Egyptian Electricity Transmission Company (EETC) will purchase all generated energy, establishing a long-term energy partnership.

Egypt’s Ministry of Electricity and Renewable Energy has given the green light to Masdar's $900 million bid to develop solar power plants in Upper Egypt, including Aswan. The project will have a total capacity of approximately 1,000 megawatts, as reported by Asharq Business.

“Masdar will execute and finance the project under the build, own, operate (BOO) model,” an official stated. This model ensures that Masdar will manage the construction and operation of the solar plants, while EETC will commit to purchasing all the produced energy for 25 years.

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

Masdar plans to complete the solar projects and integrate them into Egypt’s national grid by the end of 2025, utilizing photovoltaic cells and solar panels. Additionally, Masdar is expected to collaborate with an Egyptian partner for the project's civil works, enhancing local involvement in the renewable energy sector.

This major investment highlights Egypt’s dedication to expanding its renewable energy infrastructure and decreasing its dependence on conventional energy sources.