November 7, 2022

Arabian Cement inks amendment agreement with Amarenco SolarizEgypt


Arab Finance: Arabian Cement Company (ARCC) (ACC) signed an agreement to amend its 2019 contract with Amarenco SolarizEgypt (ASE) for the establishment of a solar photovoltaic (PV) plant at its Suez facility, according to an emailed press release on November 6th.

The amendment to the agreement aligns with updated regulations recently issued by “EgyptERA” the Egyptian Electric Utility and Consumer Protection Regulatory Agency to encourage and support projects that use solar energy with the self-consumption system as Egypt prepares to host the United Nations Climate Change Conference (COP27) in Sharm El Sheikh in November.

This amendment agreement comes in line with the recently updated regulations issued by the Egyptian Electric Utility and Consumer Protection Regulatory Agency (EgyptERA) to support projects using solar energy with a self-consumption system.

As per the newly amended contract, ACC’s plant has reached a capacity of 20.6 megawatts after commissioning Phase 1, which has been in production since 2019, with capacity of 7,441-kilowatt peak (kWp) which granted approximately 1,000 MW/month (MW/month), representing up to 3% of ACC’s overall electrical consumption.

construction is set to begin in 12 weeks from the new contract’s date of signing for a forecasted period of 36 weeks, with actual operations expected to start in September 2023.

arabfinance


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