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Siemens, Desert Technologies JV to invest $25 mn in solar energy, acquisitions in Egypt

Posted: February 23, 2022 at 8:47 pm   /   by   /   comments (0)

Siemens-backed JV to invest USD 25 mn in Egypt’s solar infrastructure: Capton Energy — a newly established joint venture between Siemens’ financing arm, Siemens Financial Services, and Saudi-based solar energy firm Desert Technologies — plans to invest USD 25 mn in new and existing solar energy projects in Egypt in a first stage, Al Borsa quotes Desert Technologies’ business development manager in Egypt, Mohamed Al Dabie, as saying.

USD 18 mn solar plant on the cards: Capton is already in advanced talks with a factory in southern Egypt to launch an 18 MW solar plant at an investment cost of some USD 18 mn, Al Dabie said. The JV aims to build a 1 GW portfolio of clean energy projects across Africa, the Middle East and Asia, and is in talks with international lenders over financing.

A sign that our solar sector still has legs? The Dubai-headquartered JV plans to launch its operations in Egypt due to our “attractive legislative and investment climate,” Al Dabie said. Local industry players have in recent weeks spoken of their “anxiety and concern” that new investment to the industry could be hobbled by new solar plant integration fees, as well as the incoming 5% import tariff on PV cells.