The 6-megawatt plant in Sharm El Sheikh is now operational, in time for the resort city to host the Cop27 international climate change summit from Sunday.
With the capacity to generate up to 11,723 megawatt-hours of energy a year, the plant can power more than 5,000 homes while reducing carbon dioxide emissions by more than 4,000 tonnes annually, Masdar said.
The solar plant — which uses photovoltaic panels to convert thermal energy into electricity — will continue to operate after the conference, providing clean energy to Sharm El Sheikh for years to come, it added.
Two other solar plants with a similar capacity are being constructed, but Masdar did not provide details on their timelines.
“Masdar is fast developing as the partner of choice for many of Egypt’s most important clean energy projects, and I am proud that we are able to deliver clean energy to support Cop27 through our Infinity Power platform," said Dr Sultan Al Jaber, UAE Minister of Industry and Advanced Technology, Special Envoy for Climate Change and chairman of Masdar.
"The UAE and Egypt share a common commitment to expanding the supply of renewable energy and supporting sustainable economic growth.”
The global fight against climate change has significantly boosted the development of clean and sustainable energy resources, as the world moves away from fossil fuels. Countries in the Middle East are taking advantage of a significant supply of solar energy, which they can use to fulfil their energy requirements.
Egypt is increasingly tapping into renewable energy sources. This week, Saudi Arabia's Acwa Power signed a preliminary agreement with government entities to build a 10-gigawatt wind farm in Egypt, which could become the world's second-largest.
The global solar power market is projected to hit more than $368bn by 2030, from about $198bn in 2021, growing at a compound annual rate of 7.2 per cent, according to Precedence Research in Canada.
“Cop27 represents a vital opportunity to turn positive words into impactful actions, so it is important that we do what we can to reduce its carbon footprint and showcase sustainable solutions to the world," said Mohamed Jameel Al Ramahi, chief executive of Masdar.
Energy transition requires a “practical”, realistic and collaborative approach to ensure that it is just and addresses the triple challenges of climate progress, energy security and economic prosperity, Dr Al Jaber said in September.
Masdar is one of the world’s fastest-growing renewable energy companies and is seeking a portfolio capacity of 100GW by 2030, with plans to double that in the following years.
In December 2021, the UAE government said Abu Dhabi energy majors Abu Dhabi National Oil Company, Mubadala and Taqa were partnering as shareholders in Masdar to create a major player in the global clean energy market that will invest in renewables and green hydrogen.
Infinity is the only dedicated solutions provider in Egypt that develops clean energy solutions across several sectors and scales. It has delivered commercially viable solutions for nearly a decade.
"We will continue providing sustainable energy solutions to Sharm El Sheikh for years to come through our solar plant, providing clean power to a city with an important role in Egyptian diplomacy and international relations," said Mohamed Mansour, chairman of Infinity Power.
Meanwhile, the UAE and Egypt marked 50 years of relations last month, celebrating a partnership that has led to co-operation in key industries, including agriculture, construction, finance, retail, tourism, transport and warehousing.