Mazghouny & Co has advised award-winning Egyptian solar water company Engazaat on its solar power agreement concluded with Majid Al Futtaim Properties, the leading shopping malls, communities, retail, and leisure pioneer, to provide 20MW+ of solar power capacity in 4 MAFP retail assets in Egypt and Lebanon. This is considered as the largest solar project in the Commercial and Industrial (C&I) space since the inception of the solar business in Egypt and comprises Mall of Egypt, City Centre Maadi, and City Centre Alexandria in Egypt, as well as City Centre Beirut in Lebanon.
The agreement was signed on 11 December 2023, during COP28 in the UAE, and concerns the establishment of solar systems on the rooftops and carports of the 4 properties that will generate 737 million kWh of clean electricity over the project’s lifetime, expected to offset over 3 million metric tonnes of carbon dioxide emissions over a span of 25 years.
Engazaat will be the project’s Independent Power Producer (IPP) and will develop the solar assets that will be installed at Majid Al Futtaim’s retail properties in Egypt and Lebanon based on a “design, finance, build, own, and operate” model in collaboration with Chint Global.
MAFP expects the partnership to create more than 2,000 jobs, foster more than USD 20 million in Foreign Direct Investment, and lay the groundwork for over USD 100 million of potential FDI expansions in green investments in Egypt.
Mazghouny & Co Energy and Power team has advised Engazaat on the review and negotiation of the solar power agreements with MAFP, as well as on regulatory matters in relation to the project.