The Norwegian renewable investment company, Empower New Energy, with its EPC partner – Gree Solar – started construction of the first phase of a 4,5 MW solar rooftop plant for Smart Paper. This project is Empower´s 4 th solar investment in Egypt and its 6th in Africa.
Smart Paper Industries is an Egyptian leading producer of packaging materials for the food industry in the region with a production capacity of 40,000 tons of flute paper annually from recycling and use of waste paper.
As part of its mission in business sustainability and environmental management, the company signed a 25-year contract with Empower New Energy to develop 4,5 MW of solar energy through a rooftop solar plant.
The project is 100% financed by Empower via its local project company and has been developed in partnership with Gree Solar, one of Egypt´s leading solar PV developers. Nick Blashill, Gree Solar’s Vice Chairman, stated “through projects like these, Gree and Empower deliver cost savings and excellent environmental performance for commercial and industrial clients in Egypt”. On completion, the plant will generate more than 8 GWh of clean electricity annually, cut more than 5 000 tons of CO2 and increase the profitability of the business.
The Egyptian government plans to increase the supply of clean electricity from an estimated 30 % in 2021 to more than 42% by 2035. Solar plants like Smart Paper that connect to the end-users accelerate the country´s targeted plan, curb
CO2 emissions and reduce the need for investments in the transmission network.
Empower´s Founder and CEO, Mr. Terje Osmundsen, stated: “we are honoured and committed to team up with innovative companies like Smart Paper to deliver high-quality, environmentally sustainable and cost-saving renewable energy projects. By minimizing the time and resources required to finance projects of this nature, we demonstrate how our investment fund enables a faster uptake of clean energy production in North Africa”.
Mohamed Ahmed Mohamed, CEO of Smart Paper Group, also stated: “Since its inception, the mission of our company has been to add value to our society by bringing innovative solutions to recycling waste paper. The strategic cooperation with Empower New Energy will enable us to accelerate our mission by empowering all current and future operations with solar energy, preserve the environment and create new jobs for our society”.
About Empower New Energy
Empower New Energy is an award-winning impact investor in African renewable energy, with proven business and operating model. The company serves C&I clients and communities by mobilizing international capital & operating assets effectively.
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.
About Smart Paper
Smart Paper Industries is an Egyptian leading producer of packaging materials for the food industry with a production capacity of 40,000 tons of flute paper annually from recycling and use of waste paper