- The partnership between Abu Dhabi Commercial Bank and Schneider aims to provide micro-grid solutions to Schneider Electric’s Badr Factory.
- The collaboration will support green financing initiatives, the circular economy, and the sustainable use of natural resources and land.
Abu Dhabi Commercial Bank Egypt and Schneider Electric, an energy management and automation firm, have partnered to finance green and sustainable projects in Egypt. The collaboration will support green financing initiatives, the circular economy, and the sustainable use of natural resources and land. The agreements include deploying mini-grid solutions incorporating distributed energy resources and renewable solar energy for real estate projects in Egypt. These projects aim to reduce environmental impact, lower carbon emissions, save water consumption, and support the local community, benefiting 1,000 village residents.
The partnership involved signing two memorandums of understanding (MoUs). The first MoU establishes a framework for cooperation to finance a micro-grid network at Schneider Electric’s Badr Factory, utilising renewable energy with a capacity of 758 kilowatts through solar panels and micro-grid solutions. The second MoU aims to implement sustainable development projects in Marsa Matrouh Governorate, addressing water, food, and energy sectors. Gebal Egypt for Agriculture, Sustainability, and Livelihoods will implement the projects, which include a cooled agricultural greenhouse, a water desalination unit, a fertilisation unit, and a well water lifting unit.
The President of Schneider Electric for North East Africa and Arab Levant, Sebastian Reyes, emphasised the importance of cooperation between the private sector and society to achieve Egypt’s clean and renewable energy goals. Also, the CEO of Abu Dhabi Commercial Bank Egypt, Ihab Al-Sowerky, noted that the partnership is a step towards implementing the bank’s sustainability strategy and contributing to community development and job creation.