This partnership is the largest solar project in the C-&-I space in Egypt
Majid Al Futtaim has signed a solar power agreement protocol with engazaat, the award-winning Egyptian solar water company focused on providing innovative clean technology in the Middle East and Africa, to provide 20+ megawatts of solar power capacity in four Majid Al Futtaim properties in Egypt and Lebanon.
The agreement was signed during the United Nations Climate Change Conference COP28 in Dubai, UAE, by Khalifa Bin Braik, Chief Executive Officer, Majid Al Futtaim–Asset Management Business and Muhammad El Demerdash, Co-Founder and CEO, engazaat.
engazaat’s solar plants will generate 737 million kilowatt-hours of clean electricity all over the project’s lifetime to power Majid Al Futtaim Properties retail assets including Mall of Egypt, City Centre Maadi, City Centre Alexandria in Egypt, and City Centre Beirut in Lebanon.
Offset emissions
The solar systems on the rooftops and carports of the four properties are expected to offset over 3mn MT of carbon dioxide emissions over a span of 25 years.
“Aiming to generate and distribute power in the shopping malls in both countries in 2024, this partnership is projected to create more than 2000 jobs, foster more than US$ 20mn in Foreign Direct Investment, and lay the groundwork for over US$ 100mn of potential FDI expansions in green investments in Egypt,” stated Bin Braik.
“From COP27’s ‘Together for Implementation’ to COP28’s ‘Unite, Act, Deliver,’ this business partnership is a manifestation of Egypt and the UAE’s committment to the UN Sustainable Development Goals,” remarked El Demeresh.
According to the agreement, engazaat as the project’s Independent Power Producer (IPP) will develop the solar assets that will be installed at Majid Al Futtaim’s retail properties in Egypt and Lebanon based on a ‘design, finance, build, own, and operate’ model – without upfront capital investments or any operational burdens, a press communique concluded.
