ArabFinance: Building material company Lafarge Egypt, a member of Switzerland’s Holcim Group, has signed a $93 million long-term agreement with Lumika Renewables Egypt, a subsidiary of AP Moller Egypt, to supply 140 gigawatts-hour electricity generated through solar cells annually, according to an emailed press release on May 12th.

The agreement is planned to be effective in the first quarter (Q1) of 2024, the release said.

Lafarge aims to convert 50% of its cement plant's total daily energy consumption to clean energy.

Lumika is set to build its first renewable solar power plant in Egypt, with a capacity of 50 megawatts (MW).

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