El Sewedy Electric, a leading multinational cable and electrical equipment manufacturer led by Egyptian businessman Ahmed El-Sewedy, is set to help Saudi Arabia reach its ambitious net-zero emissions target by 2050.
Nearly one week ago, Billionaires.Africa reported that the company secured a $176.10-million engineering, procurement, and construction (EPC) contract with Al Ghazala Energy Company to construct a 300-MW solar power station in the country, demonstrating its dedication to the advancement of renewable energy and sustainable development.
With the signing of the EPC contract between Elsewedy Electric’s Transmission and Distribution subsidiary and Al-Ghazala Energy Company, a subsidiary of Jinko Power Technology Company, a significant milestone has been reached in the establishment of a groundbreaking 300 MW Photovoltaic (PV) Solar Independent Power Producer (IPP) Project in Saudi Arabia.
Dubbed “The Saad Project,” this ambitious undertaking which aligns with the Saudi government’s ambitious goal of achieving renewable energy targets by 2050, will consist of three 100 MW solar PV power plants, providing clean and renewable energy to homes and businesses in the region.
While announcing the strategic agreement which is expected to play a crucial role in decreasing Saudi Arabia’s reliance on fossil fuels, Ahmed El Sewedy, the President and CEO of Elsewedy Electric, stated that his company has committed to meeting 50 percent of Saudi Arabia’s power needs with renewable energy and achieving net-zero emissions by 2050.
He also mentioned that the company is strictly following internal codes for environmental, social, and governance (ESG) and is making a significant contribution to sustainability for its clients, partners, and society, and these efforts are once again shown through the pact signed to develop the Saad Project.
Founded by the esteemed El-Sewedy family in 1938, Elsewedy Electric is a leading name in the electrical equipment manufacturing industry.
Led by renowned Egyptian businessman Ahmed El-Sewedy, the El-Sewedy family, represented by Sadek, Ahmed, and Mohammed, holds a majority stake of 68 percent in the company, which boasts a current market value of over $680 million.
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