Empower New Energy´s first solar energy project investment in Egypt has now been commissioned and is generating electricity for one of the country´s leading aluminium manufacturers, Intercairo Ltd. The project, a 495 kWp solar power plant, is installed at the factory´s roof top in Cairo´s industrial area. The power plant will enable the factory to cut CO2 emissions and energy costs substantially, secure jobs and contribute to Egypt´s renewable energy goals.
The project is financed by Empower´s local project company and has been developed in partnership with Gree Solar, one of Egypt´s leading solar PV developers. Mr. Terje Osmundsen, Empower´s Founder and CEO, stated that “following our successful investments in Ghana and Nigeria, this first investment in Egypt further illustrates that Empower can deliver high-quality renewable energy projects for business users across the African continent”.
The project, constructed by Gree Solar in less than 6 weeks, will generate 859 658 kwh per year, which is equivalent to the electricity consumption of 540 people in Egypt. “Through projects like these, Gree and Empower deliver both cost savings and excellent environmental performance for industry clients in Egypt”, says Mr. Nick Blashill, Gree Solar´s CEO.
The Egyptian government plans to increase the supply of electricity generated from renewable energy sources from 11 % to 20% by 2022 and 42% by 2035. Deploying distributed solar PV directly connected to the end-users like Empowers investment for InterCairo, can contribute greatly to the targeted plan and curb CO2-emissions while at the same time reducing the need for large investments in the transmission network.
About Empower New Energy (Empower)
Empower New Energy is an award-winning impact investment company investing in small and medium-scale renewable energy projects across Africa through its investment vehicle Empower Invest. The investors in the fund include Norfund, ElectriFI and a group of private impact investors. Empower operates from its offices in Oslo, London, Nairobi and Accra, and through local partners in Nigeria amongst others.
About Gree Solar
Gree Solar is a leading solar PV developer that specialises in developing rooftop and ground mounted solar PV for businesses in Egypt. The company is an Egyptian registered business with British engineers, management and installation team. It is highly endorsed by Egypt’s Ministry of Electricity for its wealth of experiences and skills in the solar energy field.
About InterCairo Aluminium SAE
InterCairo Aluminium SAE is an Egyptian Shareholding company (S.A.E) under the investment Law with a capital of 200 million Egyptian pounds. It was established in 2001 and started production 2004. InterCairo works in the field of manufacturing Aluminum profiles and producing Aluminum alloys needed in many industries.