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Korra Energi and Solariz Egypt Sign Strategic Cooperation Agreement to Advance Green Energy Transition
Korra Energi has entered the solar energy sector as a strategic step to enhance its comprehensive ecosystem
Cairo, December 19, 2024 – As part of their expansion plans in sustainable green energy and in alignment with Egypt's Vision 2030 for sustainable development, Korra Energi, a leading company in energy efficiency and construction, and Solariz Egypt, a specialist in solar energy production, announced the signing of a strategic cooperation agreement. The agreement aims to execute joint solar energy projects with a total capacity of 100 MW, serving two key sectors: tourism and energy-intensive industries targeting exports to Europe, such as fertilizers, petrochemicals, and building materials.
The signing ceremony also included the agreement to design, implement, operate, and maintain the first project for 25 years. This project will serve the tourism sector with a total capacity of 4.8 MW, divided into two phases in the Sahl Hasheesh area. The energy produced in the first phase will be used for direct consumption, while the energy from the second phase will power a seawater desalination plant for the region.
Through its investments in solar energy, Korra Energi aims to support the state’s directives to reduce natural gas consumption and ease the burden on conventional power plants. By leveraging its leading position and licenses for electricity production and distribution, the company plans to rapidly integrate solar energy into the national grid. Korra Energi ’s innovative "B2B" model enables consumers to benefit from solar power without location constraints, fostering sustainable investments in this vital field.
Mohamed Medhat, Managing Director of Sustainable Green Energy at Korra Energi, stated
"As part of our ongoing commitment to delivering innovative and integrated green energy solutions, Korra Energi has entered the solar energy sector as a strategic step to enhance its comprehensive ecosystem. This move aligns with our expansion goals in green hydrogen production and supporting industries targeting exports to Europe. With the upcoming implementation of the EU's Carbon Border Adjustment Mechanism (CBAM) in 2026, our focus on solar and waste heat recovery technologies will enable us to provide pioneering solutions for critical industries like building materials, fertilizers, and petrochemicals, enhancing their competitiveness in global markets while reducing carbon emissions."
Yaseen Abdel-Ghaffar. Founder & Managing Director at Solariz Egypt commented
"This collaboration with Korra Energi marks a new era in developing solar energy projects in Egypt. Together, we aim to make a significant positive impact on the environment and the local economy by focusing on innovation and delivering competitive solutions across various sectors. This agreement reflects our shared vision of expanding renewable energy investments in Egypt, reducing dependency on natural gas, and driving the transition toward innovative and sustainable energy solutions. These efforts contribute to alleviating the burden on the national grid and supporting the Egyptian economy in facing future challenges."
Ayman Korra, Chairman of Korra Energi, added
"We are committed to delivering comprehensive energy solutions that support our clients in vital sectors. Our partnership with Solariz Egypt represents a pivotal milestone in our journey to develop an integrated system combining solar energy and waste heat recovery. This collaboration strengthens our ability to achieve environmental sustainability goals, placing us at the forefront of companies championing the transition to clean energy. This aligns with and supports the strategy and vision of Egypt’s leadership."
This partnership highlights Egypt’s growing focus on renewable energy solutions, as the government and private companies collaborate to increase the use of clean resources to meet the country's energy needs and achieve sustainable development.
