Egypt’s leading cement producer Arabian Cement Company (ACC) has signed an agreement with SolarizEgypt for establishing a solar photovoltaic (PV) energy plant within its premises in Suez Governorate, Invest-Gate reports.
The deal was signed by CEO of ACC Sergio Alcantarilla and Founder and Managing Director of SolarizEgypt Yaseen Abdel Ghaffar, agreeing that the project will be constructed and operated by SolarizEgypt for the period of 25 years, according to a released statement on January 16.
To be financed by QNB AlAhli under EBRD-Green Economy Program, the project will be implemented on a Build Own Operate Transfer (BOOT) model.
Set to start operating by the second quarter of 2019 with investments worth EGP 100 mn, the PV energy plant is expected to generate more than 14 gigawatt-hours per year, producing up to 4% of the total power supply of ACC’s plant for 25 years.
The solar energy unit will be constructed over an area of 96,000 square meters and its establishment is aimed at saving considerable amounts of the plant’s electricity expenses incrementally every year.
According to the statement, “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.”
Speaking on the move, Alcantarilla remarked, “At ACC, we have a stellar track record of firsts in the market. Three years ago, ACC was the first Egyptian cement company to be ISO 50001 certified for its energy management techniques. Moreover, last year, we won the 2017 Award of Excellence in Energy Management from the Clean Energy Ministerial (CEM).”
“We are also the first to apply the Hotdisc technology in Egypt, the Middle East, and Africa, using the largest system of its kind globally. Today, I’m proud to be announcing yet another innovative first that will not be a last in ACC’s portfolio of sector leading firsts. 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,” he added.