Lafarge Egypt, Lumika Renewables ink $93mln solar power generation deal

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 12^th.

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).