TAQA Arabia, a subsidiary of Qalaa Holdings’ Energy Sector, announced the commercial operation of its latest green private-to-private project in Egypt, a six MW pv solar power plant within Dina Farms.
The plant is funded by the European Bank for Reconstruction and Development (EBRD) as part of a financing package of up to $10 million dollars to expand TAQA Arabia’s renewable energy business.
The event’s opening ceremony was attended by the Vice President of EBRD Alain Pilloux; Chairman & Founder of Qalaa Holdings Ahmed Heikal, CEO of TAQA Arabia Pakinam Kafafi and CEO of Dina Farms Raouf Tawfik.
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 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 Tawfik added: “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 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,” she said.
“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.”
And Qalaa founder Heikal stated: “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.”
The contract between entails a direct electricity supply from a privately-owned generator to a private-off taker, through a corporate power purchase agreement.
Under a 25 year long PPA, the plan will sell the total generated energy to Dina Farms.
