Egypt: Juhayna, KarmSolar to build solar power plant with over $6mln investments

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Cairo – Juhayna Food Industries has signed a contract with KarmSolar, Egypt's largest private solar utility company, to establish a central plant to generate and sell power using solar panels, diesel generators, and industrial batteries at Al-Enmaa Farm in Abu Minqar area in New Valley.

During a recent press conference, CEO of KarmSolar, Ahmed Zahran, said that investments in phase one of the project are estimated at EGP 130 million, revealing that total investments of the entire project could reach up to EGP 500 million during a period from four to five years.

The 3.50-megawatt project is expected to complete during the first half (H1) of 2023. The plant will operate leveraging a hybrid technology system and is set to provide around 62% of the total needs of the farm in phase one, saving 1.60 million litres of diesel that were previously used to generate power.

For his part, Juhayna's CEO, Niels Thomsen, said his company and KarmSolar cooperate to confront climate change and find alternative eco-friendly energy sources, contributing to a more sustainable environment.

Juhayna aims to reduce the environmental impact of its main activities and promote its efforts in line with the best local and global practices in this respect, added Thomsen.

During the first half (H1) of 2022, Juhayna’s net profits levelled up by 1% yearly to EGP 318.94 million, compared to EGP 316.21 million, including minority shareholders’ rights.