MICT Subsidiary's Solar-Power Plant Could Benefit Environmental Standing -- ESG Insight

Dow Jones2023-02-23

Commentary by Catalina Makhmudova, research analyst, ESG & impact investing

MICT said Wednesday that its subsidiary Tingo Foods entered into a partnership with Evtec Energy to build a $150 million zero-emissions solar-power plant to provide a sustainable, low-cost energy source at its new food-processing plant in Nigeria. The inclusion of solar power panels at the facility could have positive environmental implications for MICT, specifically for its greenhouse-gas emissions credentials, as the 110-megawatt solar-power plant will allow Tingo's facility to achieve net-zero carbon emissions and save energy costs, according to MICT. Tingo Foods's $1.6 billion processing facility--which the company says is the largest in Africa--is scheduled to be completed by the end of the first half of 2024 and is expected to boost the food-processing capacity and revenue of the company, according to MICT. MICT doesn't currently meet the reporting threshold to receive a Dow Jones sustainability score.

Write to Catalina Makhmudova at catalina.makhmudova@wsj.com

ESG Insights are written by WSJ Pro Research analysts, whose commentary is independent of the news coverage by reporters at the Journal.

(END) Dow Jones Newswires

February 23, 2023 10:34 ET (15:34 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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