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Home » Majid Al Futtaim Signs Pact with Engazaat For Over 20 MW Distributed Solar Power Project
Other Renewables

Majid Al Futtaim Signs Pact with Engazaat For Over 20 MW Distributed Solar Power Project

By Rashida Tue, Dec 12th, 2023
The pact was signed during COP28 in Dubai by Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim – Asset Management Business (L) and Muhammad El Demerdash, Co-Founder and CEO of Engazaat (R).
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Majid Al Futtaim, the UAE-headquartered developer and operator of shopping malls, communities, retail, and leisure, has signed a solar power agreement protocol with Engazaat to provide more than 20 megawatts (MW) of solar power capacity in four Majid Al Futtaim properties in Egypt and Lebanon.

As per the firm, the duration of the agreement [Corporate Power Purchase Agreement or PPA] is 25 years. “Engazaat will install solar rooftops and carports at Mall of Egypt, City Centre Maadi, City Centre Alexandria in Egypt, and City Centre Beirut in Lebanon based on ‘design, finance, build, own, and operate’ model,” the statement said.

“Aiming to generate and distribute power in the shopping malls in both countries in 2024, this partnership is projected to create more than 2000 jobs, foster more than $20 million in Foreign Direct Investment, and lay the groundwork for over $100 million of potential FDI expansions in green investments in Egypt,” said Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim – Asset Management.

Muhammad El Demerdash, Cofounder & CEO of Engazaat added that the company will work with CHINT to deliver a state-of-the-art project, which will generate 737 million kilowatt-hours of clean electricity and offset over three million metric tonnes of carbon dioxide emissions over its operating period.

Engazaat Majid Al Futtaim
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  • Kazakhstan, AIIB Ink $6 Bn Green Energy & Infrastructure Pact
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