Arabian Cement Company, a leading cement producer in Egypt, has signed an agreement with SolarizEgypt for the setting up of a solar photovoltaic (PV) energy plant within its premises in Suez Governorate.

SolarizEgypt is a certified company that has been financing, designing, installing and commissioning PV solar power plants across Egypt since 2013.

The company offers solutions to the commercial, industrial, and residential sectors; providing consumers with a better, cheaper and cleaner alternative to conventional electrical energy.

The project, to be implemented on a build-own-operate transfer (Boot) model, is being financed by QNB AlAhli under the EBRD-Green Economy Program.

As per the deal, SolarizEgypt will be responsible for the construction and operation of the unit for the period of 25 years, stated Sergio Alcantarilla, the chief executive of ACC after signing the agreement with Yaseen Abdel Ghaffar, the founder and managing director of SolarizEgypt.

With investments worth E£100 million ($5.56 million), the solar energy unit is expected to generate over 14 GW hours year; producing up to four per cent of the total power supply of ACC’s plant for 25 years.

The unit is expected to start operating by the second quarter of 2019, saving significant amounts of the plant’s electricity expenses incrementally every year. Moreover, the solar energy until will be constructed over an area of 96,000 sq m.

“As we continue to lead the cement sector in Egypt, we endeavour to constantly spearhead the industry with bold, efficient and reliable advancements,” remarked Alcantarilla.

"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)," he stated.

"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.

Ghaffar said SolarizEgypt was delighted at the financial closure of the first solar power purchasing agreement in the cement industry.

"This project is enabled by a unique business model, where SolarizEgypt acts as an independent power producer and sells electricity directly to ACC, with EGP denominated competitive pricing to the current governmental tariffs. The project will be financed by QNB AlAhli under EBRD-Green Economy Financing Facility; marking SolarizEgypt’s second FC in 2018 and providing further validation to the company’s sustainable strategy for offering maximum savings to clients through a zero-investment model," he explained.

"SolarizEgypt is leading the commercial and industrial solar market with more than 30 MW of signed projects and is committed to continue its efforts to drive the broad adoption of solar energy in the Egyptian market," he added.-TradeArabia News Service