Mazghouny & Co advises Engazaat on its SCZone’s Solar Venture
Mazghouny & Co, led by managing partner Donia El-Mazghouny (pictured), provided counsel to Engazaat, an Egyptian integrated independent power and water producer, as part of a consortium with Chint Global. The advisory focused on the review of the Power Purchase Agreement (PPA) concerning the supply of 7MW of solar PV power to Jushi, a fiberglass manufacturer. The intended recipient of this power is the Jushi Egypt for Fiberglass Industry’s facility in Ain Sokhna, situated within the Suez Canal Economic Zone (SCZone).
This significant agreement was formally executed on December 6, 2023, during COP28 in Dubai, United Arab Emirates. The signing ceremony witnessed the presence of HE Mr Waleid Gamal El-Dien, Chairman of SCZone.
The overarching objective of this PPA is to facilitate the development, establishment, and operation of an integrated industrial park dedicated to green energy technology, covering an expansive 2 million square meters within the SCZone. The formalization of the framework agreement is contingent upon the successful completion of technical and financial feasibility studies, which are scheduled to conclude in 2024.
