TAQA Arabia, Qalaa Holdings’ Energy Sector subsidiary, has announced in an event the commercial operation of its latest green private-to-private project in Egypt, a 6MWpv solar power plant for Dina Farms. The plant is funded by the European Bank for Reconstruction and Development (EBRD) as part of a financing package of up to US$ 10 million to expand TAQA Arabia’s renewable energy business.
The event’s opening ceremony was attended by Mr. Alain Pilloux, Vice President of EBRD; Dr. Ahmed Heikal, Chairman & Founder of Qalaa Holdings; Ms. Pakinam Kafafi, CEO of TAQA Arabia and Mr. Raouf Tawfik, CEO of Dina Farms.
This PV plant at Dina Farms, Qalaa Holdings’ Agri-subsidiary and the largest integrated dairy farm in Egypt & Africa, is an ideal starting point towards serving the Egyptian government’s pursuit of energy diversification & liberalization, by facilitating a market for private renewable energy development.
EBRD’s Vice President for Banking, Alain Pilloux, said: “We are very proud to partner with TAQA Arabia to scale up green private-to-private capacity and providing renewable energy to Dina farms is a great achievement. Private energy solution providers such as TAQA Arabia have a key role to play in supporting Egypt’s ongoing energy sector transition and liberalization.”
Dina Farms’ CEO, Raouf Tawfik commented, “Being an agricultural and dairy farm, we are witnessing climate change firsthand, that’s why this PV project is so important to us. Not only do we get to save on the cost of electricity, but we are also reducing our carbon footprint by adopting renewable energy as an alternative power source. This is one of the largest PV plants based on an agricultural and dairy project in Africa, and we are proud to have cooperated with TAQA Arabia and count on their longstanding expertise to fulfill our power needs with innovative & cost-efficient tailored solutions.”
TAQA Arabia’s CEO, Pakinam Kafafi, demonstrated the group’s strategy on renewable energy generation: “We are always thrilled to cooperate with leading financial institutions, like the EBRD, in establishing great sustainable projects. Together, we develop elaborate strategies to penetrate the Egyptian market; especially when it comes to promoting clean renewable energy. Our aim is to always provide the best sustainable solutions and to attract more businesses towards adopting clean energy alternatives. We plan to accomplish that by offering a unique customer value proposition to a wider segment of small-to-medium-scale clients; highlighting the business as well as the social & environmental responsibilities’ benefits.”
Kafafi further explained: “Our proven track record of renewable energy projects speaks volumes about what TAQA Arabia is capable of doing: be it the 65MW PV solar power plant in Benban (Aswan)- part of one of the biggest PV solar parks in the world, all the way through to consecutive success stories with several industrial, touristic, agricultural and residential clients.
“Responsible consumption and production are key strategic objectives across all of Qalaa’s subsidiaries. We are extremely proud that two of our companies TAQA Arabia – the “ONE-STOP SHOP” energy distribution & utilities private sector leader in Egypt – and Dina Farms – Egypt and Africa’s largest integrated dairy and agri farm, are “leading-by-example” in the push towards the renewable energy transition in Egypt and have met the high standards required to qualify for one of EBRD’s first private-private green loans in Egypt. Private sector-led financing for green projects facilitated by green-conditioned financing from International Finance Institutions (IFIs) like EBRD will no doubt help transition Egypt to a more inclusive and sustainable future,” said Qalaa Chairman & Founder, Dr. Ahmed Heikal.
It is worth mentioning that the contract between TAQA Arabia and Dina farms entails direct electricity supply from a privately-owned generator to a private-off taker, through a corporate power purchase agreement. Accordingly, TAQA PV for Solar Energy is to sell the total generated energy to Dina Farms under a 25-year PPA.