The Facility Investing for Employment (IFE) signed a Grant Agreement with Creative Power Solutions AG (CPS), the first grantee of its “Green Economy” Call for Proposals in Egypt.
Under the agreement, IFE provides CPS with a grant of €2.7 million, representing 50% of total investment volume of the project.
CPS was selected after a detailed evaluation of the submitted project proposal, which targets achieving decarbonization goals and energy independence in both industrial and power generation sectors.
As the first of its kind manufacturing facility of solar thermal collectors in Egypt and the Middle East, the project aims to introduce and localize the cutting-edge green technology mass production of solar thermal collectors.
It will also enable spreading of the solar thermal technology across Egypt, while support boosting the economy through creation of new good jobs across various sectors and entities.
During the signing ceremony, Rauf Khalaf, Managing Director of Investing for Employment, congratulated the first grantee and highlighted goals behind the initiative, “Through the Green Economy call, IFE is keen not only to create job opportunities but also support immense efforts towards achieving the country’s energy supply objectives.
As more than 50% of the world’s demand comes from thermal energy, which results in 40% of CO2 emissions, we are committed to join forces to advance climate technologies innovation in order to facilitate a path towards clean and green energy.
After a thorough evaluation of the submitted proposal, CPS demonstrated ability to deliver a promising climate-friendly technology that relies on renewable energy sources, bringing one of the most promising solutions to achieve decarbonization.”
From his end, Dr. Majed Toqan, Chief Executive Officer of Creative Power Solutions AG (CPS), expressed his excitement about signing the grant agreement, and outlined: “We are thrilled to be the first grantee of the “Green Economy” call, allocated to set up the first manufacturing facility of solar thermal collectors in the MENA Region.
With the total investment cost of EUR 5.4 million, local production of the manufacturing facility will enable knowledge transfer while boosting renewable energy deployment and creating jobs across various industry sectors.
Through this innovative technology, we are committed to global endeavors in mitigating climate change and to supporting Egypt’s Sustainable Energy Strategy 2035.”
In November 2021, IFE launched a Call for Proposals focusing on the “Green Economy”, providing co-financing grants ranging from EUR 1 million to 10 million per project.
Selection of projects is based on a competitive application process and gives priority to high-quality proposals that are mature and ready for execution.
The Facility aims to support creation of employment opportunities in Africa by offering co-financing grants for new investment projects with high job creation impact.
