News flash
- Empower New Energy and Engazaat have signed a $50 million agreement to finance Engazaat’s renewable energy project portfolio in Egypt.
- The agreement was finalized during a meeting held alongside the official visit of Egypt’s President, H.E. Abdel Fattah El-Sisi, to Norway on December 9-10.
The signing ceremony was attended by key stakeholders, including Terje Osmundsen, Chief Executive Officer of Empower New Energy, and Muhammad El Demerdash, Chief Executive Officer and Co-founder of Engazaat. Distinguished guests included Norway’s Ambassador to Egypt and Libya, Hilde Klemetsdal; Egypt’s Minister of Electricity and Renewable Energy, Mahmoud Mostafa Esmat; Minister of Investment and Foreign Trade, Hassan El Khatib; and Minister of Petroleum and Mineral Resources, Karim Badawi.
The partnership aims to secure full financing for a 40 MW solar project portfolio in Egypt. These projects, backed by 25-year Power Purchase Agreements (PPAs) with leading commercial and industrial clients, will also support the growth of Engazaat’s solar-for-water business.
Author: Bryan Groenendaal
