Hassan Allam Holding, a privately held engineering, construction and infrastructure firm founded by Egyptian billionaire Hassan Allam, intends to construct a 5MW solar photovoltaic plant in the Egyptian city of Sharm El-Sheikh.
The move is in line with Egypt’s Intended Nationally Determined Contributions, which call for decarbonizing the energy sector.
The new solar power plant is one of the first step in a coordinated effort to offset up to 4,000 tonnes of CO2 per year; the infrastructure will generate more than nine gigawatts per hour of green energy when it comes online.
This recent move comes shortly after Egypt, Africa’s second-largest economy, committed to a target for renewable energy in its energy mix of 42 percent of total electricity needs by 2030.
This was backed up by an ambitious action plan for green hydrogen production, which the government is currently developing as part of the preparations for hosting the Conference of Parties (COP27), the United Nations’ annual conference on mitigating the effects of climate change.
In November of this year, the UN Framework Convention on Climate Change will convene in Sharm El Sheikh.
According to Hassan Allam, the new plant will help to decarbonize the energy sector in accordance with Egypt’s Intended Nationally Determined Contributions, which also support UNFCCC targets.
With more than 80 years of experience, Hassan Allam Holding is one of the largest privately held corporations in Egypt, the Middle East and North Africa.
As co-CEO, Allam leads the conglomerate. Over 15 subsidiaries work under three divisions: engineering and construction, engineering and construction, and alternative energy and utilities.
Hassan Allam has focused its investment and development efforts on sustainable infrastructure, primarily in renewable energy, water, logistics, and mobility, as well as social infrastructure assets, since its inception.
