SolarizEgypt is gearing up for its African expansion: Egypt-based renewables company SolarizEgypt is looking to invest between USD 40-50 mn in solar PV projects across Africa by the end of the year, Al Borsa quotes SolarizEgypt founder and managing director Yaseen Abdel Ghaffar as saying. The investments are part of SolarizEgypt’s expansion plans aimed at adding 80 MW to its clean energy portfolio, Abdel Ghaffar said, without providing details on specific projects or countries, or a timeline for deployed projects.

There was word on the street: Abdel Ghaffar said last January the company was interested in entering the Kenyan, Tanzanian, and South African markets.

What we know so far: The company is looking to raise 75% of the financing needed for its Africa expansion from debt agreements and 25% from equity funding, Abdel Ghaffar says. It is already in talks for financing with six banks including HSBC, CIB, QNB Alahli, Arab African International Bank, and the Bank of Alexandria, as well as undisclosed African lenders for financing, he added.

About SolarizEgypt: Last year, European solar player Amarenco Group acquired 74% of the company’s portfolio. The two companies established a JV to co-develop 300 MW worth of solar power projects amounting to EGP 4 bn over a four-year period. SolarizEgypt has a portfolio of over 50 MW of signed solar power purchase agreements with firms including Orascom Development Holding, Arabian Cement Company, Coca Cola Bottling, and others operating in various industries. Abdel Ghaffar reportedly said back in January the company would invest USD 100 mn in Egypt over the next three years as part of its target to increase business volume and build up FX stocks.

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