IPT gas station owner installs solar panels

Issa Petrol Trade (IPT), owner and franchisor of gas stations across the market, will install solar panels over its 168 stations.

IPT Chairman Toni Issa signed a memorandum of understanding with Fransabank and Phoenix Energy, member of Indevco Group to install the solar panels.

The installations will save IPT $600,000, annually, in energy costs, according to Rabih Osta, Area General Manager of Phoenix Energy. IPT will retrieve its investment in the project within six years. The 10,000 solar panels will generate a total of 2.5 megawatts (MW). The value of the contract has not yet been calculated.

“The announcement is part of IPT’s new Energy and Environmental Management Strategy that we are launching today,” said Issa. The strategy includes the installation of solar panels, water treatment to prevent the leakage of fuel derivatives, collection and restoration of vaporous fumes, and LED lighting.

The International Finance Corporation (IFC) contributed to the preparation of the strategy and supervision of its implementation. “A timeline for the project’s implementation has not yet been put in place, since the IFC and Fransabank will now have to conduct an energy audit for the project,” said Osta.

A contract will be signed between IPT and Phoenix Energy once the audit is complete.