Makadi Heights signs a cooperation agreement with SolarizEgypt, to develop a solar power plant in the heart of Makadi Heights, Invest-Gate reports.
This agreement is set to save electricity expenses and produce a significant amount of clean energy each year, with an initial investment of EGP 18 mn.
The agreement is signed by Tamer Dewidar, CEO of Makadi Heights, and Yaseen Abdel Ghaffar, Founder and Managing Director of SolarizEgypt.
The plant is expected to start operation by Q1 2023, and it spans over an area of 15,000 sqm.
According to the Build Own Operate Transfer (BOOT) agreement, SolarizEgypt will be handling the financing, construction, operation, and maintenance of the solar power plant for the next 25 years.
Dewidar says that Makadi Heights is working in line with the sustainability efforts steered by the Red Sea governorate, such as using clean energy, and complementing the nation’s efforts to reach Egypt 2030 Vision, by hammering on the 7th goal of the UNSDGs; which is to ensure everyone’s access to affordable and clean energy.
He further elaborates, “The solar power plant will utilize 3,640 solar panels and is expected to generate over 3,304 MWh/year; producing up to 20% of the total power supply of Makadi Heights. This agreement will allow the solar power plant to offset 2,143 tons of CO2 each year, saving 219,000 gallons of gas, and planting 1,600 trees. This will definitely leave a positive impact on the overall environment scene in the Red Sea area.”
“We are proud to announce this agreement with Makadi Heights. A unique business model, where SolarizEgypt acts as an Independent Power Producer and sells electricity directly to Makadi Heights; with competitive pricing, enables this 1.5 MW project. The project will also be financed by local banks, and will be part of the Green Economy Financing Facility; provided by the European Bank for Reconstruction and Development (EBRD),” Abdel-Ghaffar says.
It is worth mentioning that SolarizEgypt is a certified company that finances, designs, installs, and commissions Photovoltaic (PV) solar power plants in Egypt since 2013.
