Majid Al Futtaim, the UAE-headquartered developer and operator of shopping malls, communities, retail, and leisure, has signed a solar power agreement protocol with engazaat to provide more than 20 megawatts (MW) of solar power capacity in four Majid Al Futtaim properties in Egypt and Lebanon.

The duration of the agreement [Corporate Power Purchase Agreement or PPA] is 25 years, Majid Al Futtaim said in a press statement.

engazaat will install solar rooftops and carports at Mall of Egypt, City Centre Maadi, City Centre Alexandria in Egypt, and City Centre Beirut in Lebanon based on ‘design, finance, build, own, and operate’ model, the statement said.

“Aiming to generate and distribute power in the shopping malls in both countries in 2024, this partnership is projected to create more than 2000 jobs, foster more than $20 million in Foreign Direct Investment, and lay the groundwork for over $100 million of potential FDI expansions in green investments in Egypt,” said Khalifa Bin Braik, Chief Executive Officer of Majid Al Futtaim – Asset Management.

Muhammad El Demerdash, Cofounder & CEO of engazaat added that the company will work with CHINT to deliver a state-of-the-art project, which will generate 737 million kilowatt-hours of clean electricity and offset over three million metric tonnes of carbon dioxide emissions over its operating period.

(Editing by Anoop Menon) (anoop.menon@lseg.com)

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