Egypt-based IMS, unnamed foreign companies to build USD 50 mn solar plants

Electrical engineering company Intelligent Micro Solutions (IMS) has partnered with an EU-based and a US-based company to build USD 50 mn-worth of solar plants in Wadi El Natrun and Beni Suef, IMS president Magdy Saleh tells Al Shorouk. The partners will fund the plants, on which construction will begin in 2H2019, through a mix of debt from international banks and equity from the two unnamed companies. IMS had been in talks last year with several financial institutions to arrange USD 500 mn in financing for solar power plants in Egypt.