QNB finances solar energy plant for ACC
ACC announced signing an agreement with SolarizEgypt to establish a SPV (Solar Photovoltaic) solar energy plant at its plant in Suez Governorate financed by QNB AlAhli under EBRD-Green Economy Program. The agreement will see SolarizEgypt handling the construction and operation of the unit for the period of 25 years With investments worth EGP 100 million, the solar energy unit is expected to generate over 14 Gw hours year; producing up to 4% of the total power supply of ACC’s plant for 25 years. The unit is expected to start operating by the second quarter of 2019; saving significant amounts of the plant’s electricity expenses incrementally every year.
Embarking on this project comes in line with the Egyptian Government’s vision to produce 20% of the “ country’s energy supply from renewable sources by 2020.” said Sergio Alcantarilla, Chief Executive Officer of ACC. Alcantarilla pointed out during the press conference that the project is expected to be completed in cooperation with SolarizEgypt in the second quarter of the current year.
For his part, Yaseen Abdel Ghaffar, Founder, and Managing Director of SolarizEgypt said that this is the first renewable energy project in the cement sector thanks to the successful system and the amendment of the law to allow private companies to sell energy to another private company after receiving the approval of NREA and EEAA.
Yaseen added that the project’s investment cost hit up to EGP90 Mn financed by QNB as part of EBRD program which will provide the necessary technical expertise and will provide 7 MW before conversion, and 6 MW after conversion.
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