Makadi Heights, one of Orascom Development’s fully integrated towns, located in the Red Sea area, signed a cooperation agreement with SolarizEgypt, to develop a solar power plant in the heart of Makadi Heights. The agreement is set to save electricity expenses and produce a significant amount of clean energy each year; with an initial investment of EGP 18 million.
The agreement was signed by Tamer Dewidar, CEO of Makadi Heights, and Yaseen Abdel Ghaffar, Founder and Managing Director of SolarizEgypt. Where the plant is expected to start operation by the first quarter of 2023, over an area of 15,000 sqm. According to the Build Own Operate Transfer (BOOT) agreement, SolarizEgypt will be handling the financing, construction, operation, and maintenance of the solar power plant for the next 25 years.
Tamer Dewidar, CEO of Makadi Heights, has expressed his gratitude for this partnership, where both companies share a common goal of supporting Egypt’s vision 2030 to rely on renewable energy sources, and enhance the country’s environmental sustainability practices. He commented, “We at Makadi Heights are working in-line with the sustainability efforts steered by the Red Sea governorate, such as using clean energy, and complementing the nation’s efforts to reach Egypt 2030 Vision, by hammering on the 7th goal of the UNSDGs; which is to ensure everyone’s access to affordable and clean energy.”
He further elaborated, “The solar power plant will utilize 3,640 solar panels and is expected to generate over 3,304 MWh/year; producing up to 20% of the total power supply of Makadi Heights. This agreement will allow the solar power plant to offset 2,143 tons of CO2 each year, which is equivalent to removing 258 cars off the road for one year; saving 219,000 gallons of gas, and planting 1,600 trees. This will definitely leave a positive impact on the overall environment scene in the Red Sea area.”
Yaseen Abdel Ghaffar, Founder and Managing Director of SolarizEgypt said, “We are proud to announce this agreement with Makadi Heights. A unique business model, where SolarizEgypt acts as an Independent Power Producer, and sells electricity directly to Makadi Heights; with competitive pricing, enables this 1.5 MW project. The project will also be financed by local banks, and will be part of the Green Economy Financing Facility; provided by the European Bank for Reconstruction and Development (EBRD).
He added, “SolarizEgypt is the leader in the commercial and industrial solar market with more than 50MWs of signed projects. We are committed to continuing our efforts to drive the broad adoption of solar energy in the Egyptian market.”
It is worth mentioning that SolarizEgypt is a certified company that finances, designs, installs, and commissions Photovoltaic (PV) solar power plants in 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. Whereas, Makadi Heights is located in Makadi Bay, 15 minutes from Hurghada International Airport, 20 minutes from downtown Hurghada, and 40 minutes from El Gouna. The town occupies a prime position reaching 78 meters above sea level, at the highest point of Makadi Bay; guaranteeing unbeatable panoramic views of the Red Sea, with more than 85% of its total land dedicated to green areas, water features, and open spaces.
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