Arab Finance: Schneider Electric and Abu Dhabi Commercial Bank – Egypt (ADCB-Egypt) penned two memoranda of understanding (MoUs) to back sustainable projects in Egypt, as per an emailed press release on February 13th.
Under the first MoU, ADCB-Egypt will finance the microgrid affiliated to Schneider Electric’s Badr Factory to use renewable energy with a capacity of 758 kilowatts through solar panels.
The second MoU aims to implement sustainable development projects in Marsa Matrouh Governorate.
These projects include the establishment of a cooled agricultural greenhouse, a water desalination unit, a fertilization unit that works with the latest technology to control the precise needs of the plant, and a unit for raising water from wells, all of which are powered by solar energy.