Credit Agricole inaugurates solar plant worth LE 3.25M

CAIRO – 29 July 2017: Minister of Electricity Mohamed Shaker inaugurated a solar plant at a capacity of 960 kilowatts/day and investments of around LE 3.25 million, located above the administrative building of Credit Agricole, a Friday statement said.

The plant aims to save about 7 percent of the bank's power consumption and encourage the use of renewable energy.

During the inauguration ceremony, the bank's chairman François Edouard Drion said that the administrative building is the first among all green smart buildings in Egypt, the highest in operation and the best in power usage rationalization.

Drion added that this strategy is a part of the community responsibility of the bank and comes in line with its long-term principles and activities in the eco-system field.

The chairman noted that the power plant is the biggest plant owned by a bank in Egypt and expressed the bank's confidence in the Egyptian economy.

Moreover, the Credit Agricole chairman praised the bank's partnership with Schneider Electric in implementing this strategy since its beginning, highlighting that Schneider has provided the technical support and unique expertise to achieve the strategy.

Schneider has a great concern in the solar energy sector in Egypt, as it is among the promising sectors in the country, in line with Egypt's power sector's strategy that aims to produce renewable energy as 20 percent of total produced power by 2022, Managing Director of Schneider Electric in Egypt Waleed Shata said.

Shata added that Egypt has huge potential to be a regional power and information technology hub, for what it owns of strong infrastructure.

The Credit Agricole Egypt head office was the first building in Egypt awarded the Platinum LEED Certificate for implementing the highest standards of eco-system and efficient energy saving. The award is recognition from the U.S. Green Building Council (USGBC), one of the leading institutes worldwide in the field of green environment sustainability, according to the bank's website.