Cairo – Mubasher: Oriental Weavers and Integrated Renewable and Sustainable Communities (IRSC) partnered for an energy project at a total investment of $1.50 million, according to a press release.
IRSC will install a 2.5 MWp solar power plant at one of Oriental Weavers’ factories in the 10th of Ramadan City, backing the company’s commitment to sustainability and decarbonisation strategy.
This solar power project aligns with Oriental Weavers' sustainability journey and comes as a part of Egypt’s Vision 2030.
Meanwhile, the new station will generate 4% of the electricity for the group’s largest manufacturing facility, lowering carbon emissions by 4,000 tonnes annually.
Oriental Weavers managed to cut its carbon footprint by 35,000 tonnes of CO2 during the last four years through investment in energy efficiency projects, boosting the UN’s Sustainable Development Goals (SDGs).
Yasmine Khamis, Chair of Oriental Weavers Carpets, commented: “Sustainability is not just a buzzword for us it’s an essential pillar of our operations. We are deeply committed to reducing our carbon footprint and are taking tangible steps to ensure our long-term impact on the environment is a positive one.”
Andrew Daniel, Chairman of IRSC, stated: “This project not only highlights the tremendous potential of renewable energy solutions in large-scale industrial applications but also reinforces Egypt's ongoing transition towards a greener and more sustainable future."
“The PV power plant at Oriental Weavers' complex will play a pivotal role in meeting the company's energy demands while simultaneously contributing to national efforts to expand the use of solar energy,” Daniel added.
During the first half (H1) of 2024, Oriental Weavers registered an annual rise in consolidated net profit to EGP 1.47 billion, compared to EGP 733.39 million in H1-23.
