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. 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, Solariz Egypt 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.”
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