According to a formal statement on the national press agency of the Gulf nation, the presidents of the United Arab Emirates (UAE) and Egypt witnessed the signing of an agreement on Tuesday to create one of the largest onshore wind projects in the world in Egypt.

According to a statement by news agency WAM, the agreement was signed by the UAE-based renewable energy company Masdar, its joint venture with Egypt’s leading renewable energy producer Infinity, and Hassan Allam Utilities.

Masdar, which has a portfolio of renewable energy assets with a combined value of more than $20 billion and a total capacity of more than 15 GW, said the new project would be its biggest yet.

The 10 GW farm would produce 47,790 GWh of clean energy annually and offset 23.8 million tonnes of carbon dioxide emissions, equivalent to around 9% of Egypt’s current CO2 emissions.

“With this agreement to develop our largest ever project, Masdar is proud to bolster our contribution to Egypt’s renewable energy goals,” Masdar’s CEO Mohamed Jameel al-Ramahi said.

Tuesday’s agreement was signed by Masdar Chairman Sultan al-Jaber, who is also the UAE’s special climate envoy, its industry minister and the chief of state energy firm Adnoc, on the sidelines of the ongoing COP27 climate summit in Egypt’s coastal city of Sharm El-Sheikh.