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ElGouna Services Company invested in implementing energy saving measures at its facility in Gouna, Red Sea Governorate. The company signed a Power Purchase Agreement with Solariz Gouna for the installation of a new Solar PV system at its facility.
El Gouna is Orascom Development Egypt’s (ODE) flagship project that offered a self-sufficient town built on 10 km of the Red Sea coastline on the eastern borders of Egypt. ODE is a leading developer of fully integrated destinations in Egypt and other international locations covering a wide range of development fields including single-family housing, apartments, hotels, leisure facilities such as golf courses and marinas, as well as other supporting facilities such as schools, universities, and hospitals.
Solariz Gouna for Solar Energy (SGS) was established by SolarizEgypt as a Special Purpose Vehicle (SPV) for independent ownership, management and funding of the plant.
Solariz Gouna has signed a Power Purchase Agreement (PPA) with El Gouna Services to design, build, own, operate, and maintain a solar PV power plant. Under this PPA, which runs for 25 years, Solariz Gouna will sell the electricity generated from the PV plant to El Gouna Services at a price that is 12% lower than the national electricity tariff for the average price of High Voltage.
The GEFF team provided support to Solariz throughout various phases of the project by providing technical and economic assessment of the operational benefits associated with the new PV system they are planning to install for their client.
The US$ 4,392,085 investment allowed Gouna Services company to significantly cut on its electricity expenses over 25 years and secure a clean energy source. Moreover, the project helped create 63 temporary jobs and 12 permanent jobs for engineers and technicians, including two females.
The reduction of greenhouse gases associated with this investment is estimated 8,418 tonnes of CO2 emissions per year, a valuable contribution to mitigating the negative impacts of climate change.
GEFF Egypt was developed by the European Bank for Reconstruction and Development (EBRD) and is supported by the European Union Neighbourhood Investment Facility.