January 17 (Renewables Now) - Arabian Cement Company (ACC) has joined hands with SolarizEgypt on a EGP-100-million (USD 5.6m/EUR 4.9m) solar project that will be built at the Egyptian cement producer’s factory in Suez governorate.
Under a build-own-operate-transfer (BOO) agreement unveiled on Thursday, SolarizEgypt will construct and operate the photovoltaic (PV) park for 25 years. ACC, in turn, will buy the output of the plant directly through a power purchase agreement (PPA) with SolarizEgypt. Funding for the project will be provided by QNB AlAhli Bank under the European Bank for Reconstruction and Development’s (EBRD) green economy financing facility.
Once completed, the proposed solar park is expected to generate more than 14 GWh of electricity per year, covering up to 4% of the cement facility’s demand. Its commissioning will take place by the second quarter of this year.
ACC noted that its manufacturing site in Suez is powered entirely by alternative fuels and coal.
(EGP 10 = USD 0.558/EUR 0.490)