From left to right: Hilde Klemetsdal (Norway's Ambassador to Egypt and Libya), Arwa Temim (Chief Commercial Officer, Empower New Energy), Navid Dean (Senior Legal Counsel, Empower New Energy), Muhammad El Demerdash (CEO, Engazaat), Abdel Fattah El-Sisi (President of Egypt), Terje Osmundsen (Empower New Energy), Dr. Mahmoud Mostafa Esmat (Minister of Electricity and Renewable Energy, Egypt), Hassan El Khatib (Minister of Investment and Foreign Trade, Egypt), and Karim Badawi (Minister of Petroleum and Mineral Resources, Egypt).
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.
"We are proud to partner with Empower New Energy to deliver cutting-edge solar projects in Egypt. This collaboration represents a significant step towards advancing clean technology in both Egypt and the region. We are particularly honored by President El-Sisi's endorsement of this strategic agreement, which emphasizes Egypt's commitment to enhancing its renewable energy sector," said Muhammad El Demerdash.
Terje Osmundsen commented, "We are excited about this opportunity to collaborate with our partner, Engazaat, in bringing new and innovative solar energy solutions to the Egyptian market. The market potential and needs in Egypt are undeniable, and we look forward to continuing our growth alongside strategic partners".
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