POWER January 2023 - 11

GLOBAL MONITOR
with the fact that non-fossil RE is now
widely available in India, and that too for
cheap [especially solar energy, on account
of substantial gains made in photovoltaic
cell/module-based technologies]. "
The group also noted that India's energy
market " is dominated by private
players (barring a few notable exceptions
like NTPC Limited). In respect of
RE in particular, the power production
space is getting populated very quickly. "
The researchers wrote, " From such
gencos' perspective, corporate PPAs
make a lot of sense. After all, a corporate
entity is more likely to pay up-and
on time-compared to cash-strapped
discoms with a history of delayed or
failed payments, including attempts at
contract renegotiation. "
Some companies are buying stakes
in renewable energy projects to secure
power for their future needs. OX2, a
Swedish company, recently sold a 49%
stake in a portfolio of offshore wind
projects to the investment arm of Ingka
Group, the largest retailer in IKEA's
franchisee system. The stake could be
part of as much as 9 GW of offshore
wind generation, across three projects
under development in Sweden: the 1.7GW
Galatea-Galene wind farm, off the
coast of Halland; the 1.8-GW Triton, off
the coast of Skane; and the 5.5-GW
Aurora, located off the coast of Gotland
and Oland. Reports said OX2 received an
initial payment of about $60.4 million for
the stake, and then will receive additional
per-megawatt payments based on the
output from the three projects.
-Darrell Proctor is a senior associate
editor for POWER.
Egypt Uses COP27 to Announce
Large-Scale Renewable, Hydrogen
Projects
The recent United Nations (UN) COP27
climate conference in Egypt was host to
several announcements of large-scale
renewable energy projects, including
one of the world's largest wind farms,
along with an agreement for development
of a renewable hydrogen industry
across Egypt and the European Union
(EU). India, meanwhile, announced
what officials called a " long-term lowemission
development strategy, " an initiative
that reiterated a plan announced
last year to develop a green hydrogen
ecosystem. The program is designed to
lower carbon emissions from hard-toabate
industrial sectors such as steel
and fertilizer production, and refining,
and also supports other climate goals.
January 2023 |POWER
4. Officials from the United Arab Emirates
and Egypt participate in a signing ceremony at
the recent COP27 climate conference, marking
an agreement for construction of a 10-GW
wind farm. Courtesy: Masdar
Masdar, a renewable energy developer
based in the United Arab Emirates (UAE),
announced plans for a 10-GW wind farm
in Egypt (Figure 4), a project developed
along with its Dutch joint venture company
Infinity Power and Egypt's Hassan
Allam Utilities. Masdar representatives
said the onshore wind project, the largest
planned installation in the company's
global portfolio, will be part of what it
called a " Green Corridor " initiative. That
program has a goal of securing significant
renewable energy and power grid
infrastructure for Egypt by 2035.
Sultan Ahmed Al Jaber, the UAE energy
minister, during an event to mark the project's
launch, said, " The scale of this mega
10-GW onshore wind project is a testament
to the renewable energy ambitions
of the UAE and the Republic of Egypt. "
Egypt, which today relies mostly on oil and
natural gas to fuel the country's electricity
production-the country had 1.7 GW of installed
wind power capacity at the end of
last year-has set a goal of having at least
42% of its power generation from renewable
resources by 2035. Masdar officials
said the new wind farm would produce
nearly 48 TWh of power annually and replace
$5 billion of natural gas. The company
already has signed agreements to
support construction of as much as 4 GW
of green hydrogen production plants in the
Suez Canal Economic Zone, and along the
coast of the Mediterranean.
The wind farm project is expected
to create about 30,000 jobs during its
construction phase, and provide indirect
employment for another 70,000 people.
Masdar officials said the farm, once operational,
will support more than 3,000
operations and maintenance personnel.
Masdar CEO Mohamed Jameel Al Ramahi
said: " With this agreement to develop
our largest-ever project, Masdar
is proud to bolster our contribution to
Egypt's renewable energy goals, while
strengthening our partnerships with Inwww.powermag.com
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POWER January 2023

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