Empower has signed an agreement with BM Financial Leasing and a group of investors to launch projects to produce electricity from waste in Egypt with investments worth $250m.
Chairperson of the company Hatem El-Gamal told Daily News Egypt that Empower plans to launch 36 waste power plants and agreed with BM Financial Leasing Company to finance 70% of the planned projects investments worth $250m, along with participations in investments by businesspersons Hatem Bayoumi and Ahmad Al-Nagar.
He added that the company aims to launch plants for the production of electricity from waste for the benefit of the factories with the ‘net measurement’ and ‘independent producer’ IPP, which sells energy directly to consumers.
Furthermore, he said that Empower laid the foundation stone on Monday for the implementation of a plant to generate energy from food waste with a capacity of 1MW and at a cost of $4m in New Salhiya in the province of Sharkiya.
He pointed out that the company signed special contracts to buy the power produced from the station with the North Delta Electricity Distribution Company to sell each kW at 103 piasters until a tariff is issued.
Moreover, he added that the company will start construction work to inaugurate the plant within days, and will start operating the project at full production capacity of 24MW/H in the first quarter of the coming year.
El-Gamal explained that the company obtained the land of that station through a tender submitted by the New Urban Communities Authority several months ago in Ismailia.
The total contracts signed by Empower to sell the energy produced reached 5MW with electricity distribution companies in North Delta, Behira, and the Canal area. Two power plants are now under constructions with a capacity of 2MW.
Empower is the first company to sell electricity to the government from waste recycling. It produced electric power up to 30 MW through its Biogas plant in Kafr El-Sheikh governorate. It received a cheque worth EGP 300,000 from the North Delta Electricity Distribution Company.