Intro Sustainable Resources, a subsidiary of Intro Holding Investments, has signed a cooperation protocol with Siemens Energy, a global leader in energy technology, to implement and install a group of highly efficient combined heat and power (CHP) plants in Egypt and the region. The CHP plants will have a total capacity of 300 megawatts by 2030 and will use natural gas as fuel. The cooperation aims to reduce carbon emissions and address climate change by providing clean and reliable energy solutions. The cooperation is part of Intro's strategy for sustainable resources, which seeks to actively participate in development through a series of joint energy projects that tackle the issue of climate change, support sustainable development initiatives in various fields, and lay the foundation for a carbon-free future. This aligns with Egypt's Vision 2030 and the UN Sustainable Development Goals (SDGs). Hany Hilaly, President of Energy and Utilities Companies at Intro Sustainable Resources, said that the cooperation with Siemens Energy involves an integrated portfolio of solutions, products, and services that cover all aspects of the energy and renewable energy value chains. He added that the two parties are already collaborating on a joint power generation project in 10th of Ramadan City. According to the protocol, Intro Sustainable Resources will be responsible for providing financing and comprehensive development of the CHP plants, while Siemens Energy will be responsible for conducting technical studies and supplying the plants with turbines and other necessary equipment. Dietmar Siersdorfer, CEO of Siemens Energy in the Middle East, said that this agreement with Intro will expand their partnerships and help accelerate the decarbonization of the industrial sector in Egypt, by leveraging Siemens Energy's highly efficient CHP technologies and enhancing sustainability. "We look forward to strengthening this important cooperation with Intro even further," he said. This cooperation is expected to effectively contribute to achieving the SDGs in Egypt and the region, as these CHP plants will significantly reduce carbon emissions, which is consistent with the directions of governments in Egypt, the region, and the world to maximize the opportunities to benefit from shared energy in industrial and production projects. Ashraf Hamasa, CEO of Siemens Energy in Egypt, said that Siemens Energy is extending its important partnership with Intro to help eliminate carbon emissions in the industrial sector based on Siemens Energy's highly efficient CHP technology, which is compatible with Egypt's Vision 2030. He added that this cooperation will support Egypt in its ambitious journey to accelerate the energy transition process and eliminate carbon emissions. Mohamed Abbas, Chairman of the Board of Directors of Intro Sustainable Resources, added that the cooperation confirms Intro Sustainable Resources' keenness to effectively contribute to achieving the SDGs in Egypt and the region, and the compatibility of Intro Sustainable Resources' strategy with Egypt's Vision 2030 to achieve sustainable development, by seeking solutions to provide energy and use green fuel, in line with a carbon-free future. He said that energy is the basic foundation for achieving comprehensive development in all societies, and the lifeblood of development in various areas of economic and social life. Intro Sustainable Resources is one of Intro Holding Investments' companies, which includes a diverse group of companies such as ADES Holding for oil and gas exploration, whose shares were traded on the Saudi Tadawul on 11 October.
