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Solar Energy Powering COP27

First Climate develops carbon credit projects for solar power plants in Egypt under Gold Standard

Coinciding with the conference opening, new solar photovoltaic (PV) plants were commissioned in the conference host city, Sharm El Sheik. As a partner of this renewable energy project, First Climate will be the exclusive marketing partner for emission reductions generated by the project.

In line with the country’s goals of exponentially expanding the use of clean energy sources, the South Sinai solar power projects have recently completed construction in Sharm El-Sheikh. The projects, to be certified by the Gold Standard for the Global Goals, underscore the sustainability priorities and carbon emission reductions targets encouraged by the nation’s Ministry of Electricity and Renewable Energy. The South Sinai solar power projects consist of four independent PV plants and will deliver renewable energy to power COP27 and thousands of additional households in Egypt. The plants are the culmination of a large-scale project, which was completed in record time in just under four months. Collectively, the South Sinai projects produce 72,000 MWh per year and will yield an estimated 28,500 tons of CO2 annually. This would roughly accommodate the average annual energy needs of 20,000 people in Egypt. Now that the plants are in operation, the city has a successful anchor to its vision of becoming the first green and sustainable city in Egypt.

“It is exciting to be a part of the project and helping Egypt transition to clean energy sources -- particularly in this city at a time when the world is watching the developments at COP27 in Sharm El- Sheikh,” says Yves Keller, Head of CO2 Trading Desk and Portfolio Management, who will represent First Climate at COP27.

Solar Power has a bright future in Egypt

The Egyptian landscape naturally lends itself to the development of efficient solar farms due to its remote and wide expanses of land, where the sun tends to shine unobstructed for prolonged periods. The Sharm El-Sheikh projects have created vital economic impact and contributed significantly to strengthening Egypt’s ongoing clean energy generation transition. The projects collectively provide more than 40 jobs for engineers and technicians, and other specialists as well as a more efficient energy infrastructure to the region.

First Climate is also committed to fostering the development of renewable energy facilities in other parts of the country. A prominent example is the development of a vast solar farm in Benban, which will be the largest African solar project once completed. With a generation capacity of around 1500 MW this project has the potential to provide 1.5 million households with electricity per year. First Climate has an active role in helping the Benban project receive validation by the GCC standard, which recently received formal approval by ICROA, one of the most recognized international standards reviewing bodies in the world. The Benban project, which has been delivering energy to the national grid since 2019, will provide a model to other municipalities for how large-scale solar PV plants can successfully promote the safe and effective transition to sustainable, modern energy options.



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