The deal is worth EGP 350 million (USD 14.4m/EUR 14.5m). Intro Power will finance the project and will be responsible for the development, operation and maintenance of the solar station’s infrastructure.
The facility will be built on the site of the cement producer's plant in Suez and will supply about 45 GWh of clean power per year to the plant, covering some 20% of its power consumption. This will save over 22,000 tonnes of carbon dioxide emissions annually.
The construction of the plant is set to begin in 2023 with the start of operation expected in the first half of the same year. The grid connection is expected in the second half of 2023.
With the use of solar power, Suez Cement aims to cuts its electricity bills and reduce carbon emissions. In 2030, the company aims to have reduced its net carbon dioxide emissions by 47% to 400 kg/t as compared with 1990.
“Through transitioning to renewable solar energy, we are looking at long-term economic benefits, laying the foundation for a low-carbon business and energy security without jeopardizing the health of our environment,” said Suez Cement Group's managing director Mohamed Hegazy.
Anna is a DACH expert when it comes to covering business news and spotting trends. She has also built a deep understanding of Middle Eastern markets and has helped expand Renewables Now's reach into this hot region.