Renewable energy company Empower has reached a preliminary agreement with Banque du Caire to take out a EGP 70 mn loan, Chairman Hatem El Gamal told Mubasher. The money will be used to partially fund the establishment of a EGP 100 mn waste-to-energy plant in Nubareya, which will process around 160 tonnes of waste per day to generate 24 MW of energy. Empower has invested a total of EGP 420 mn in waste-to-energy plants to date. The company is planning to begin directly selling electricity generated from recycling waste for the first time to a local farm in September for around EGP 2/kWh.

Tags: