The consortium, comprising Egypt’s Infinity Group and UAE-based Masdar, will develop, finance, and operate the onshore wind project
The power plant is expected to provide the Egyptian economy with $6.5bn in savings in annual natural gas costs and create up to 120,000 job opportunities
With the head of terms agreement announced earlier this year, the 1GW wind project represents ACWA Power’s entry into Kazakhstan
The projects have a combined capacity of around 900 MW and they will power more than one million homes
The agreement builds on the Masdar-Turkmenistan MoU signed last year for development of renewable energy projects
Azerbaijan plans to increase the share of clean energy in electricity generation to 30 per cent over the next decade