- This investment will enable small and medium-sized Egyptian farmers to export their organic produce locally and to European markets.
- This project powered by clean energy would not just reduce emissions but will unlock productive uses for marginalised lands.
The Royal Norwegian Embassy in Cairo, in the presence of H.E Ambassador Mrs Hilde Klemetsdal, on the 10th of Oct 2022, signed an agreement to provide desalinated clean water to Egyptian farmers using solar power. The agreement signed between Engazaat and Empower New Energy is critical to the partners’ preparation for the climate summit COP 27 in Sharm El Sheikh in November this year. Empower New Energy, a leading renewable investment platform company, will provide equity financing for the 2.2MWp ground-mounted solar power plant to supply electricity to the desalination and storage facilities in the Mohgra Oasis in Northern Egypt. This investment will enable small and medium-sized Egyptian farmers to export their organic produce locally and to European markets. In addition, the plant will produce 4.4GWh of clean electricity yearly and save more than 1,600 tonnes of greenhouse gas emissions per year.
The CEO of Engazaat, Muhammad El Demerdash, said “The project demonstrates the multilateral will to alleviate poverty and hunger for more than 25,000 small farmers in one of the most water-sensitive regions in the world. They no longer need to go through the technical hurdles of finance, implementation, operation and maintenance of sophisticated, clean energy and water utilities; they will only pay for what they consume on Buy Now Pay Later (BNPL) bases. We have worked closely with our international partners to mitigate the associated risks and create a circular and agronomically feasible investment structure. In the past two years, we have raised more than USD 17 million in local and foreign investments in solar/water developments. We also foresee a portfolio of projects worth more than USD 100 million in Egypt, Saharan and Sub-Saharan Africa.”
Terje Osmundsen, Empower New Energy, Founder and CEO, added that Empower New Energy was honoured to partner with Engazaat in developing this solar-for-water micro-grid solution. He said the project had great potential to supply farmers with desalinated water while supplying energy across Egypt. In conclusion, Norway’s Ambassador to Egypt, H.E. Ms Hilde Klemetsdal, said she was honoured to witness the signing of the project agreement between two leading companies. She added that the project that is 100% powered by clean energy would not just reduce emissions but will unlock productive uses for marginalised lands and the potential of small farmers in facing the challenges of food security and climate change.