British company to seize 49% stake in Cairo Solar for EGP 180 million

Cairo SolarThe value of acquiring 49% of Cairo Solar shares by a British firm would reach EGP 180 million, according to sources. The British company will contribute to the capital of Cairo Solar, the sources said.

Cairo Solar has been qualified for implementing a solar power plant project in Aswan with a total capacity of 50 MW, with investments of USD 100mn. In another context, the chairman of the chairman of Cairo Solar Hisham Tawfik said that his company obtained an approval from International Finance Corporation (IFC) of the World Bank to borrow USD 75mn ( equivalent to EGP 670mn).

Cairo Solar is currently completing studies required by the international institution, he added, noting the loan will expectedly be received in June before the end of financial close of unified tariff projects in October.

The firm has invited some contractors to bid on implementing the solar energy project. It should be recalled that Cairo Solar was established through a consortium made up of Arabia Online chairman, Hisham Tawfik, Engineering Consultants Group (ECG), Egyptian Maintenance Company (EMC) and the international solar energy consultant Ibrahim Samak, as well as other investors.

(Source: Al Mal News)

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