Egypt’s Sunway plans to acquire two solar solutions firms: Egypt-based solar panel supplier Sunway is in the final stages of acquiring two local solar system installation companies as part of the company’s plans to increase revenues by 200% next year, CEO Ahmed El Ghandour told Al Arabiya in an interview on Thursday. The company is currently in the “advanced stages” of the process, and is yet to decide whether the acquisition will be implemented via equity investments or stock transfers. Sunway is aiming for a 30% capital increase to fuel its expansion plans.

Lots of solar for Egypt’s agriculture sector: The company was recently contracted by three Egyptian companies working in the agriculture sector to develop three solar energy farms with a combined 9 MW generation capacity at an expected EGP 90 mn investment ticket, Ghandour said. Sunway also develops solar-powered irrigation systems and has so far installed enough solar systems to irrigate 30k acres of agricultural projects. The company's business portfolio nets EGP 100 mn annually and is targeting a EGP 150 mn increase in 2024.

And lots in the pipeline for KSA: The company was contracted to build two solar projects in the kingdom with a combined capacity of 115 MW at a SAR 10 mn price tag and has signed implementation agreements with China Energy Engineering Group to carry out works on the 65 MW Shuaiba 3 solar farm. There are also agreements in place with Al Suwaidi Holding Company for the 50 MW Saad 1 solar station. It expects to break ground on both projects before the end of the month.

Expansion plans in the kingdom: The company — which already established two branches in Jeddah and Riyadh — is looking to further expand in the Saudi market, Ghandour said. Sunway’s total KSA portfolio will reach SAR 30 mn, which it plans to double next year.

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