Schneider Electric, a leader in energy management and automation digital transformation, and Abu Dhabi Commercial Bank (ADCB) Egypt have announced the establishment of a strategic partnership, marked by the signing of two memorandums of understanding, Invest-Gate reports.

The first memorandum focuses on the development of a cooperation framework to finance green and sustainable projects in Egypt. This includes providing microgrid solutions for Schneider Electric’s Badr Factory and various real estate projects aimed at enhancing energy efficiency and promoting the sustainable use of natural resources and land.

The second memorandum aims to implement sustainable development projects in Marsa Matrouh Governorate. These projects include the establishment of a cooled agricultural greenhouse, a water desalination unit, a fertilization unit utilizing cutting-edge technology to control precise plant needs, and a unit for extracting water from wells, all powered by solar energy.

The signing of the memorandums of understanding was carried out by Sebastien Riez, Cluster President of Schneider Electric Northeast Africa and Levant, and Ihab El Sewerky, CEO and Managing Director of ADCB Egypt.

Sebastien Riez, Cluster President of Schneider Electric Northeast Africa and Levant, emphasized that Egypt has set a target of achieving a 42% share of clean and renewable energy in its overall energy mix, compared to the current 12%.

To accomplish this goal, which aligns with Schneider Electric’s vision and strategy, Riez stressed the importance of cooperation between the private sector and society.

He highlighted that such collaboration is an essential part of Egypt’s 2030 plan. Schneider Electric is committed to providing innovative and effective solutions that contribute to society by implementing projects reliant on clean energy and reducing carbon emissions.