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Empower New Energy signs an innovative investment contract to solarise Zalar in Morocco

Casablanca, March 22: The Norwegian renewable investment company Empower New Energy today signed an investment p with Zalar Holding - Morocco’s largest poultry group. The 2,5 MW project is developed in partnership with the experienced Moroccan renewable energy company - JET Energy. The contract will enable Zalar to power its four plants across Morocco with solar electricity from roof mounted photovoltaic installations. This contract is the first investment in Morocco by Empower.

The four solar plants covered by the investment will be installed on the roof of Zalar’s plants in ELDIN Had Soualem, Agro Industrielle Al Atlas Tit Mellil, Banchereau Maroc Mediouna and Al Alf Fes based on a 16-year contract. The total investment of about USD 2million is expected to generate an estimated 3800 MWh per year. This will result in a yearly reduction of Zalar’s CO2 emissions equal to a about 3000 tons per year.

Empower´s Founder and CEO, Mr. Terje Osmundsen, stated: “ We are honoured to team up with the pioneer company Zalar and JET Energy in demonstrating how solar energy investments for industries can play a key role in Morocco’s green

energy transition. The project will not only save about 3000 tons of CO2 annually but will also create and protect about 100 jobs directly and indirectly. By minimizing the time and resources required to finance projects of this nature, we demonstrate how our investment fund enables a faster uptake of clean energy production in North Africa”.

Mr. Sjur Larsen the Ambassador of Norway to Morocco states: “As the Ambassador of Norway to Morocco I am happy to see the successful Norwegian company “Empower New Energy” building partnerships with Moroccan industrials such as “Zalar Holding”. Empower is bringing a replicable and reliable financing model for solar investments in Morocco, and I believe it can be a reference for future opportunities and growth in line with Morocco’s Energy Transition plan. I also hope this agreement will encourage other Norwegian and Moroccan companies to explore the possibilities for future partnerships”.

Siham Benhamane CEO of Zalar Holding said, “Zalar prides itself on its commitment to social and environmental protection, and that this is the top priority for all the Group’s subsidiaries. Through this project we will achieve a measurable impact in affordable, reliable and clean Energy”

Ismail Tadlaoui, CEO of Jet Energy says that “In this period of uncertainty, solar photovoltaic is the ideal solution for energy-users who wish to secure a competitive cost of electricity over the long term while improving their carbon footprint. In this regard, we are extremely pleased to partner with Empower to deploy renewable energy generation solutions in Morocco”

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About Empower New Energy

Empower New Energy is an award – winning impact investor in African renewable energy with proven business and operating mode. The Company serves C&I clients and communities by mobilizing international capital and operating assets effectively.

About Zalar

Zalar Holding is Morocco’s leading poultry Group. Since its founding in 1974, Zalar has grown organically as well as through select strategic partnerships and investments to become the only operator that is vertically integrated across the entire poultry-meat value chain.

About JET Energy

Jet Energy is a vertically integrated company covering several activities of the solar EPC value chain. This integration enables the company to provide a full range of highly competitive services including the development, design, installation, operation and maintenance of solar PV plants.

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