Egypt’s Credit Agricole Inaugurates 960kWh Solar Plant Worth LE3.25M

Minister Mohamed Shaker and Other Dignitaries (Daily News Egypt)

Egypt – Credit Agricole Egypt recently inaugurated a solar plant built on top of their head office building. The solar plant with a capacity of 960kWh per day was built at a cost of around LE 3.25 million.

Credit Agricole Egypt hopes the solar plant will help the bank save about 7 percent of power consumption per annum and encourage the use of renewable energy.

Officiating at the inauguration ceremony, Egypt’s Minister of Electricity and Renewable Energy Dr. Mohamed Shaker expressed his satisfaction with the bank’s accomplishments.

“Credit Agricole Egypt’s Head Office is a reference for the design of smart buildings. It is in alignment with the Egyptian government strategy aiming at the rationalization of energy consumption,” he said.

The Minister also added, “The Egyptian government is shifting towards new and renewable energy resources and the optimization of clean energy to curb the electricity load.”

Also speaking at the inauguration ceremony, Credit Agricole Egypt’s chairman Francois Edouard Drion said, “Credit Agricole Egypt has adopted a sustainable eco-friendly strategy that has started since the early construction phases of the bank’s head office building, now Egypt’s top-ranked smart green building. This building has scored the best energy efficiency and operation rates, and obtained the first LEED Platinum Certificate in Egypt and North Africa.”

The Credit Agricole Egypt head office was the first building in Egypt to be awarded a Platinum LEED Certificate for implementing high standards of sustainability and efficient energy usage. The recognition was by the United States Green Building Council (USGBC), worldwide leaders in green building certification.

Drion added that the solar plant comes as a part of the Credit Agricole Egypt’s community responsibility strategy of protecting the environment and is in keeping with its longstanding principles and activities in sustainability.

“In recognition of our efforts, today we celebrate the inauguration of the largest solar station owned by a bank in Egypt. We are proud to be able to support and participate in the country’s initiative to save energy and depend on renewable energy resources. This inauguration demonstrates the bank’s confidence in Egypt’s economic growth, and it is an affirmation of the bank’s interest in playing a key role in this growth, by continuing to serve individuals and companies, and participate in community projects.”

In addition, the Credit Agricole chairman praised the bank's partnership with Schneider Electric in setting up a renewable energy solution for the bank’s energy saving needs. He highlighted that Schneider Electric provided the technical support and unique expertise for the solar plant project.

Schneider Electric is a big player in the solar energy sector in Egypt.

Waleed Shata, Schneider Electric’s Managing Director said that solar energy is among some of the promising economic sectors in Egypt. This is a welcome development for Egypt whose electricity strategy aims to have renewable energy making up 20 percent of its total power generation capacity by 2022.

Drion also unveiled Credit Agricole Egypt’s ambitious plan to continue applying this leading strategy on the bank’s premises, promising to develop their eco-friendly strategies further and in accordance with international standards.