Egypt’s leading cement producer, Arabian Cement Company has signed an agreement with SolarizEgypt to construct 14GW photovoltaic (PV) energy plant within its premises in Suez Governorate at a cost of US $5.56 m.
The cement company Chief Executive Officer, Mr. Sergio Alcantarilla unveilled the reports and said, the project, to be implemented on a Build Own Operate Transfer (BOOT) model, is being financed by QNB AlAhli under the EBRD-Green Economy Program.
SolarizEgypt will be responsible for the construction and operation of the unit for the period of 25 years. 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.
County’s electricity expenses
The solar project which will sit on an area of 96,000 sqm, will start operating by the second quarter of 2019. This will significantly save amounts of the plant’s electricity expenses incrementally every year.
“As we continue to lead the cement sector in Egypt, we endeavor to constantly spearhead the industry with bold, efficient and reliable advancements. I would also like to express my honor to be working with SolarizEgypt, and looking forward to the fruitful results of such a revolutionary project,” said Alcantarilla.
SolarizEgypt is a certified company that has been financing, designing, installing and commissioning PV solar power plants across Egypt since 2013. The company offers solutions to the commercial, industrial, and residential sectors; providing consumers with a better, cheaper and cleaner alternative to conventional electrical energy.
Yaseen Abdel Ghaffar, the founder and managing director of SolarizEgypt said he was proud to announce the financial closure of the first Solar Power Purchasing Agreement in the cement industry. He added that the project is enabled by a unique business model, where SolarizEgypt acts as an Independent Power Producer and sells electricity directly to ACC, with EGP denominated competitive pricing to the current governmental tariffs
The project also comes in line with the Egyptian Government’s vision to produce 20% and 37% of the country’s energy supply from renewable sources by 2022 and 2035 respectively.